LETHBRIDGE, ALBERTA--(Marketwired - Feb. 3, 2017) - Robix Environmental Technologies, Inc. ("Robix" or the "Corporation") (CSE:RZX)(CSE:RZX.CN)(FRANKFURT:R0X) announced today that the Corporation, subject to regulatory approval, has granted incentive stock options to purchase a total of 2,559,000 common shares, at an exercise price of $0.22 per common share, to a director, officer and consultants of Robix. The options expire on February 3, 2020, in accordance with the Corporation's stock option plan. Robix has determined that exemptions from the various requirements of Multilateral Instrument 61-101 are available for the issuance of the options to the director and officer of the Corporation (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization).
Robix also announced that it intends to settle outstanding indebtedness of $275,000 through the issuance of 1,375,000 common shares of the Corporation at a deemed price of $0.20 per common share (the "Debt Settlement"). The common shares issued in connection with the Debt Settlement will be subject to a hold period of four months from the date of closing.
Finally, Robix also announced that it has settled an outstanding debt of Formation Fluid Management Inc., which company was acquired by Robix on October 7, 2016 (see Robix's October 11, 2016 news release), in connection with a change of control fee owing to Canaccord Genuity Corp. pursuant to a financial advisory letter. Pursuant to the settlement, Robix agreed to pay Canaccord $250,000 plus GST and issue 750,000 common shares, which common shares are subject to a hold period that expires on June 4, 2017.
The Corporation is an "industrial products/technology" company, offering to investors a unique opportunity to participate in a leading company in the business of ownership of patents, and their development from commercialization to worldwide expansion through various business arrangements. Robix owns a Clean Ocean Vessel ("COV") patent, which is an oil spill recovery vessel design with the capability to recover oil in rough and debris laden sea conditions. Robix has recognized a worldwide market opportunity for effective containment, recovery and disposal equipment, particularly in the oil spill protection industry, and it proposes to develop a business model as a service provider, and/or equipment provider under licensing agreements with other industry participants, wherein Robix will use its COV patented design solution.
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