$827,502 Private Placement for Memex Automation with 33% of Units Purchased by Management and Directors
BURLINGTON, ON–(Marketwired – Jun 25, 2014) – Astrix Networks Inc., operating as Memex Automation (TSX VENTURE: OEE) (“Astrix,” “Memex” or the “Company”), has closed the first tranche of a non-brokered private placement in the amount of $827,502 with the issuance of 6,895,850 units (the “Private Placement”). Each unit (a “Unit”) is comprised of one common share in the capital of the Company (a “Common Share”) and one half warrant (a “half Warrant”). Each whole Warrant comprised of two half Warrants (a “Warrant”) entitles the holder to purchase one Common Share at a price of $0.16 per share at any time prior to 4:00 p.m. (Calgary time) on the date that is twenty-four months following the closing date of the Private Placement.
The Company is pleased to announce its management and directors subscribed for $272,502, or 33%, of this Private Placement — a strong endorsement for the Company’s momentum.
Accredited Investors resident in Canada, the USA, Offshore, may be interested to subscribe to the second tranche closing of approximately $487,002, by contacting the Company or your Investment Advisor.
The Common Shares and Warrants issued in connection with the Private Placement are subject to a four-month hold period from the closing date, as prescribed by the TSX Venture Exchange and applicable securities laws.
Memex Automation (TSX VENTURE: OEE) is the global leader of manufacturing Machine to Machine (M2M) productivity solutions and the measurement of Overall Equipment Effectiveness in real-time (“OEE”). In 2013, Frost & Sullivan awarded MERLIN (Manufacturing Enterprise Real-time Lean Information Network) its Technology Innovation Leadership Award, and Microsoft picked MERLIN to be its mid-market ERP machine connectivity solution. Mazak, North America’s largest original equipment manufacturer of machine tools purchased MERLIN to manage its Florence, KY, plant and offers MERLIN on its price list. MERLIN also won the Plant Engineering and Maintenance (PEM) 2013 Award for Best Company Under 50 Employees recognizing customer Return On Investment (ROI).
For more information, please visit: www.memex.ca
To see the full press release, please click here.
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