Reflex Advanced Materials Corp. Announces Upsizing of Non-Brokered Offering to $1.5 Million

VANCOUVER, British Columbia, Oct. 24, 2023 (GLOBE NEWSWIRE) -- Reflex Advanced Materials Corp. (CSE:RFLX) (FSE:HF2) (“Reflex” or the “Company”) is pleased to announce an increase to its non-brokered private placement financing (the “Offering”) previously announced on August 21, 2023 and September 22, 2023. The closing of the first and second tranches of the Offering were further announced by the Company on October 16 and 20, 2023 respectively. The Offering is now comprised of up to 7,500,000 units of the Company (“Units”) at a price of $0.20 per Unit for aggregate gross proceeds of up to $1,500,000 (previously expected to be $1,000,000).

Each Unit continues to consist of one (1) common share in the capital of the Company (“Share”) and one- half (1/2) of one (1) Share purchase warrant (“Warrant”), whereby each whole Warrant will entitle 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.

Closing of the Offering, subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, is anticipated to occur prior to the November 6, 2023. The net proceeds of the Offering are intended to be used to advance the Company’s Ruby Graphite Project and for other general corporate purposes. Finders’ fees may be payable to eligible arm’s length persons with respect to certain subscriptions accepted by the Company.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Units issuable under the Offering will be offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A.2 of NI 45-106 (the “LIFE Exemption”). Because the Offering is to be completed pursuant to the LIFE Exemption, the securities issued in connection with the Offering will not be subject to resale restrictions in accordance with applicable Canadian securities laws.

In connection with this announcement, there is an amended offering document dated October 24, 2023, that can be accessed under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.reflexmaterials.com. Prospective investors should read this offering document before making an investment decision.

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 sell or a solicitation of an offer to buy any securities in the United States.