Private Placement Closed Oversubscribed at $208,000 And Convertible Debenture for Lenders Closed at $388,500admin
Vancouver, BC, Canada, November 6, 2013 – Auxellence Health Corporation (CNSX:AID) (the "Company" or "Auxellence") is pleased to announce that the private placement previously announced closed on November 5th, 2013, oversubscribed at CDN$208,000. In conjunction with the closing of the financing, the Company will issue an aggregate of 1,040,000 common shares of the Company, at a subscription price of $0.20 per common share. The company is pleased to report that subscribers that participated in the Private Placement Offering included insiders, and creditors that had cash loans to the company.
Proceeds from the Offering are to be used as working capital to support development and commercialization of the Company’s products and services, with emphasis on its online health services platform and system for consumers of Over-The-Counter weight management and acne products and services.
The Shares to be issued in connection with this Private Placement Offering will be subject to a four month plus one day hold period from the share issuance date of November 5th, 2013, in accordance with the policies of the Canadian National Stock Exchange (CNSX Markets Inc.) and applicable securities laws. The Offering is subject to all necessary regulatory and stock exchange approvals.
The Company is also pleased to announce that $388,500 of cash loans that have been advanced to the company have been converted to a Convertible Debenture for up to 1,942,500 common shares with the following terms: No interest is payable for 12 months and the face value of the debenture is convertible at the same current financing price of the Private Placement at $0.20. The Convertible Debenture is subject to certain clauses including an acceleration requirement to either convert or be paid-out after a certain deadline date, exercisable at the discretion of the company. The Convertible Debenture for Shares issued will be subject to a four month plus one day hold period from the closing date of November 5th, 2013, in conjunction with the Private Placement Offering for Common Shares and in accordance with the policies of the Canadian National Stock Exchange (CNSX Markets Inc.) and applicable securities laws. The Convertible Debenture is subject to all necessary regulatory and stock exchange approvals. The company is pleased to report that 2 insiders whom had previously advanced loans to the company are participating in converting their loans into the Convertible Debenture. Mr. Sydney Au, the President and CEO of the company will be converting various cash loans through his private company to this Convertible Debenture; As Mr. Au is a control block holder, a separate press release pursuant to the Early Warning Requirements of National Instrument 62-103 with respect to Mr. Au’s participation in the Convertible Debenture for Common Shares of Auxellence Health Corporation (the "Issuer") will be issued and a separate Early Warning Report will be filed as required under applicable securities requirements on SEDAR (www.sedar.com) under the Issuer.
Sydney Au, President & CEO or Ronald Ozols, Director
Auxellence Health Corporation
Phone: (604) 780-3311
About Auxellence Health Corporation
Auxellence is a health technology company that aims to provide high-level online services to consumers, providers and suppliers of health care products and services, including refining the effectiveness of prescribing services to the Over-The-Counter (OTC) consumer and natural health industry. Integrating innovative therapeutic and diagnostic (theragnostic) devices (hardware components), along with an interactive Expert System and Recommender "PRESCRIPTOR" engine (software platform) the system acquires physiological data to offer personalized health solutions to everyday common health issues (initially targeting weight management and skin health-acne).
Disclaimer for Forward-Looking Information Statements in this press release regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as "may", "will", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated in such statements due to factors. Except as required by law, the Company does not intend to update any changes to such statements. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CNSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of this release.
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Posted: November 6th, 2013 under ACCESSWIRE.