Reflex Advanced Materials Corp. Closes First Tranche of Private Placement

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VANCOUVER, British Columbia, Oct. 16, 2023 (GLOBE NEWSWIRE) -- Reflex Advanced Materials Corp. (CSE:RFLX) (FSE:HF2) (“Reflex” or the “Company”) announces that, further to its news release of September 22, 2023, which announced a private placement offering of units of the Company of up to $1,000,000 (the “Offering”), it has closed the first tranche of the Offering (the “First Tranche”) issuing 2,050,000 units of the Company (each, a “Unit”) at a price of $0.20 per Unit for aggregate gross proceeds of $410,000.

Each Unit consists of one (1) common share in the capital of the Company (“Share”) and one-half (1/2) of one (1) Share purchase warrant, whereby each whole Share purchase warrant (“Warrant”) entitles the holder thereof to purchase an additional Share at an exercise price of $0.35 for a period of 24 months from the date of issuance.

In connection with closing of the First Tranche, the Company paid cash finder’s fees in the aggregate of $8,000 and issued a total of 40,000 finder’s warrants (each, a “Finder’s Warrant”). Each Finder’s Warrant is exercisable into one (1) Share at an exercise price of C$0.35 until October 13, 2025, being the date that is two years from the date of issue. The net proceeds from the First Tranche are intended to be used for general and administrative expenditures as well as non-flow-through exploration and evaluation expenditures.

In accordance with the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions, the Units issued in connection with the First Tranche are not subject to a hold period pursuant to applicable Canadian securities laws.

The Offering, in its entirety, is expected to close on or about October 18, 2023, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals.

The securities described herein have not been and will not be registered under the United States ‎Securities Act of 1933, as amended, or any U.S. state securities laws, and may not be offered or ‎sold in the United States absent registration or available exemptions from such registration ‎requirements. This press release does not constitute an offer to acquire securities in any ‎jurisdiction.‎