Regenx Announces Rights Offering and Share Consolidation

EDMONTON, Alberta, March 26, 2024 (GLOBE NEWSWIRE) -- Regenx Tech Corp., (the "Corporation" or "Regenx") (CSE: RGX) (OTCQB: RGXT) (FSE: YRS WKN: A2DSW3) announced that it will be offering rights (the "Rights Offering") to holders of its common shares ("Common Shares") of record at the close of business on April 2, 2024 (the “Record Date”). Pursuant to the Rights Offering, each holder of Common Shares (a “Shareholder”) will receive one (1) transferable right (each, a “Right”) for each Common Share held as of the Record Date. One (1) Right will entitle the holder thereof to subscribe for one Common Share upon payment of the subscription price of $0.0075 (3/4 of a cent) per Common Share until 5:00 p.m. (Toronto time) (the “Expiry Time”) on May 21, 2024. Assuming the exercise of all Rights, the Rights Offering will raise gross proceeds of up to $2,966,316.

The Rights will be offered to Shareholders resident in each province and territory of Canada (the “Eligible ‎Jurisdictions”) and Shareholders who have satisfied the requirements of the Corporation for those resident ‎outside of the Eligible Jurisdictions. Accordingly, and subject to the detailed provisions of the right offering circular dated March 26, 2024 (the “Circular”), Rights ‎direct registration system advice (“Rights DRS Advices”) will not be mailed to Shareholders resident outside of the Eligible ‎Jurisdictions, unless such Shareholders are able to establish to the satisfaction of the Corporation, on or before ‎May 10, 2024, that they are eligible to participate in the Rights Offering.‎ Shareholders who fully exercise their Rights will be entitled to subscribe for additional Common Shares, if ‎available, that were not subscribed for by other holders of Rights prior to the Expiry Time.

The Corporation understands that certain directors and officers of the Corporation who own Common Shares intend to exercise their rights to purchase Common Shares under the Rights Offering.

The Corporation currently has 395,508,808 Common Shares issued and outstanding. If all Rights issued under the Rights Offering are validly exercised, an additional 395,508,808 Common Shares would be issued. The net proceeds from the Rights Offering will be used for capital expenditures and for general corporate purposes. The Rights Offering is subject to regulatory approval, including the final approval of the Canadian Securities Exchange (the “CSE”).