EDMONTON, Alberta, April 11, 2024 (GLOBE NEWSWIRE) -- Regenx Tech Corp., (the "Corporation" or "Regenx") (CSE: RGX) (OTCQB: RGXTF) (FSE: YRS WKN: A2DSW3) announced today that it has appointed Gallo LLP, Chartered Professional Accountants, as auditor of Regenx effective April 10, 2024. The resignation of Regenx’s former auditor, Paul J. Rozek Professional Corporation, Chartered Professional Accountant (“PJR Prof Corp.”), was accepted by the Corporation effective April 3, 2024. On April 3, 2024, Regenx was notified by PJR Prof Corp., that the Chartered Professional Accountants of Alberta (“CPA Alberta”) asked PJR Prof Corp. to cease to perform all assurance engagement work on March 18, 2024. Furthermore, Regenx discovered on April 3, 2024, that PJR Prof Corp. signed an undertaking on October 13, 2023, that any assurance work of PJR Prof Corp. was subject to supervision, until the investigation was completed and a decision was made by the Complaints Inquiry Committee of CPA Alberta. Neither PJR Prof Corp. nor CPA Alberta gave Regenx any notice or warning of this significant risk. Regenx is continuing to review its options and may pursue legal action for any losses it may incur.
The Corporation also announced that, further to its news release dated March 26, 2024, the Board of Directors of Regenx has extended the expiry date for its Rights Offering to 5:00 p.m. (Toronto time) on June 6, 2024, in order to allow shareholders additional time to participate. Similarly, the deadline for shareholders that are resident outside of Canada to establish that they are eligible to participate in the Rights Offering has been extended to May 27, 2024. Complete details of the Rights Offering are set out in the Rights Offering Circular dated March 26, 2024, and the Rights Offering Notice dated March 26, 2024, which are filed under the Corporation’s profile at www.sedarplus.ca.
The Corporation also announced that, it has completed the closing of a non-brokered private placement of unsecured convertible debentures (“Debentures”) for gross proceeds of $150,000. The Debentures bear interest at the rate of fifteen percent (15%) per annum, payable on the maturity date and will mature on December 31, 2025. The Debentures are convertible at the holder’s option into common shares of the Corporation (“Common Shares”) at a conversion price of: (i) $0.05 per Common Share until the date that is one (1) year from the closing date; and (ii) $0.105 per Common Share for the period from the date following one (1) year from the closing date until the maturity date. The Debenture holder will also be issued 14,285 common share purchase warrants (each a “Warrant”) for each $1,000 principal amount of the Debenture. Each Warrant expires after two years from the closing date and allows the holder to purchase one Common Share at a price of $0.105 per share if exercised in the first year and $0.20 per share if exercised in the second year. The Corporation can redeem the Debentures at any time upon 10 days prior written notice. The Company intends to use the proceeds to support operations, repayment of debt, and general working capital. Immediately following closing, the Debenture holder converted the principal amount of the Debenture into 3,000,000 Common Shares. All securities issued in connection with the private placement are subject to a four month plus one day hold period under applicable Canadian securities laws.
About Regenx
Regenx is positioned for growth in the CleanTech sector through the development and commercialization of its environmentally friendly processing technologies for the recovery of precious metals. Initial focus is the extraction of platinum and palladium from diesel catalytic converters with its business partner Davis Recycling. For further information visit www.Regenx.Tech.
For further information contact
Regenx Tech Corp.
Greg Pendura
CEO 780-800-0726
investors@regenx.tech
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
