Luminex Resources Announces C$12.5 Million Financing

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VANCOUVER, British Columbia, Jan. 26, 2023 (GLOBE NEWSWIRE) -- Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the “Company” or “Luminex”) is pleased to announce that it has entered into an agreement with Haywood Securities Inc., on behalf of a syndicate of agents (collectively, the “Agents”), who have agreed to sell, on a commercially reasonable efforts private placement basis, 22,166,667 units of the Company (“Units”) at a price of C$0.30 per Unit (the “Offering Price”), for aggregate gross proceeds of C$6,650,000.10 (the “Brokered Offering”). Each Unit will be comprised of one common share in the authorized share structure of the Company (a “Share”) plus one-half of one Share purchase warrant (each whole such warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Share (a “Warrant Share”) at an exercise price of C$0.44 for 24 months following the completion of the Brokered Offering. In addition, the Company intends to complete a concurrent non-brokered private placement of up to C$5,850,000 worth of Units (the “Non-Brokered Offering”, and together with the Brokered Offering, the “Offering"), on the same terms as the Brokered Offering with certain insiders and strategic investors.

The Units to be issued under the Brokered Offering will be offered to purchasers pursuant to the: (i) accredited investor exemption under National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), and (ii) the listed issuer financing exemption (“LIFE Exemption”) under Part 5A of NI 45-106 in an amount up to 16,666,666 Units, in all the provinces of Canada, except Quebec. The Units offered under the LIFE Exemption will not be subject to resale restrictions pursuant to applicable Canadian securities laws. All other Units issued pursuant to the Offering will be subject to the statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws. Purchasers under the Brokered Offering will receive a fixed ratio of LIFE Exemption Units to four-month hold period Units, being 75:25.