DelphX launches private placement to raise up to C$56,000

DelphX Capital Markets Inc. (TSXV: DELX) (OTCQB: DPXCF) has launched a non-brokered private placement of up to 5,600,000 units at C$0.01 per unit, seeking gross proceeds of up to C$56,000, according to a company statement.

Each unit consists of one common share and one warrant, with each warrant allowing the holder to purchase one additional common share at C$0.06 for two years from the date of issuance.

The company said net proceeds will be used for working capital and corporate overhead, with no more than 10% directed toward investor relations activities.

The offering is subject to approval by the TSX Venture Exchange. Securities issued will be subject to a hold period of four months plus one day from issuance. Because the units are priced below C$0.05, they will also be subject to the Exchange Hold Period.

DelphX may pay finder's fees to eligible finders in accordance with TSX Venture Exchange policies, with details to be disclosed at a later date.

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