October 05, 2016 18:33 ET
LETHBRIDGE, ALBERTA--(Marketwired - Oct. 5, 2016) - Robix Environmental Technologies, Inc. ("Robix" or the "Corporation") (CSE:RZX)(FRANKFURT:R0X) announced today that it settled outstanding indebtedness of $696,790 through the issuance of 2,787,158 common shares of the Corporation at a deemed price of $0.25 per common share (the "Debt Settlement"). The common shares issued in connection with the Debt Settlement are subject to a four month hold period that expires on February 6, 2017.
Karla Jorstad, the Chief Operating Officer and a director of Robix, subscribed for 240,000 common shares and a company controlled by Wayne MacDonald, the Chief Development Officer of Robix, subscribed for 430,000 common shares. Robix has determined that exemptions from the various requirements of Multilateral Instrument 61-101 are available for the issuance of the units (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization).
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.
No stock exchange or any securities regulatory body has reviewed the contents of this news release.
Robix Environmental Technologies, Inc.Nathan HansenPresident & CEO250firstname.lastname@example.orgRobin RayChief Financial Officer403email@example.com
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