BURLINGTON, ON--(Marketwired - Aug 21, 2014) - Astrix Networks Inc., operating as Memex Automation ("Astrix" or the "Company") (TSX VENTURE: OEE), announces it has closed the second and final tranche of a private placement. Oversubscribed, the total gross proceeds raised was $2,000,000, including the proceeds of the second tranche of $1,172,498. A total of 16,666,664 Units were issued at a price of $0.12 each ("Units"), including the second tranche placement of 9,770,814 units Each Unit is comprised of one common share in the capital of the Company (a "Common Share") and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one Common Share at a price of $0.16 at any time prior to 4:00 p.m. (Eastern time) on August 9, 2016.
In connection with the private placement the Company paid a finder's fee on certain subscriptions of 8% of the gross proceeds raised and broker warrants (the "Broker Warrants") equal to 8% of the number of Units sold. The total fees paid were $116,880 in cash and 974,004 Broker Warrants. Each Broker Warrant entitles the holder to purchase one Common Share at a price of $0.16 at any time prior to 4:00 p.m. (Eastern time) on June 24, 2016 for those granted in the first tranche and prior to 4:00 p.m. on August 9, 2016 for those granted in the second tranche of the private placement.
All securities issued are subject to a hold period, which will expire on October 24, 2014 for those issued in the first tranche and December 9, 2014 for those issued in the second tranche of the private placement. The closing is subject to receipt of final approval from the TSX Venture Exchange.
About the Company
Memex Automation (TSX VENTURE: OEE) is the leader of manufacturing Machine to Machine (M2M) productivity solutions and the measurement of Overall Equipment Effectiveness ("OEE") in real-time. OEE is the measurement of plant-wide capacity utilization. MERLIN (Manufacturing Enterprise Real-time Lean Information Network) generates OEE enterprise-wide, machine by machine. On April 15, 2014, PEM awarded the Company the 2013 Plant Engineering & Maintenance Award for Best Company Under 50 Employees. Frost & Sullivan awarded MERLIN its 2013 Technology Innovation Leadership Award for Machine Monitoring. Microsoft picked MERLIN to be its mid-market ERP machine connectivity solution. Mazak, North America's largest original equipment manufacturer of machine tools, purchased MERLIN and published a 42% increase of its machine utilization and now offers it on its price list. Okuma America Corporation, a world leader in CNC machine tools, announced in April 2014 that Memex Automation became a Partner in THINC. For more information, please visit: www.memex.ca.
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