Regenx Appoints New Auditor, Extends Expiration Date of Rights Offering and Closing of Notes Offering

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from GlobeNewswire

Published on April 11, 2024 • 3 minutes reading time

EDMONTON, Alberta, April 11, 2024 (GLOBE NEWSWIRE) — Regenx Tech Corp. (the “Company” or “Regenx”) (CSE: RGX) (OTCQB: RGXTF) (FSE: YRS WKN: A2DSW3) today announced that it has acquired Gallo LLP, Chartered Professional Accountants, effective April 10, 2024 Regenx appointed auditor. The resignation of Regenx’s former auditor, Paul J. Rozek Professional Corporation, Chartered Professional Accountant (“PJR Prof Corp.”), has been accepted by the Company effective April 3, 2024. On April 3, 2024, Regenx was resigned by PJR Prof Corp. informs you that the Chartered Professional Accountants of Alberta (“CPA Alberta”) PJR Prof Corp. have requested to cease conducting all audit work on March 18, 2024. Additionally, on April 3, 2024, Regenx discovered that PJR Prof Corp. had signed a declaration of commitment on October 13, 2023 that all security work would be carried out by PJR Prof Corp. subject to supervision until the investigation is completed and a decision is made by CPA Alberta’s Complaints Inquiry Committee. Neither PJR Prof Corp. nor CPA Alberta have advised or warned Regenx of this significant risk. Regenx continues to evaluate its options and may take legal action for any losses.

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The Company also announced that, following its press release dated March 26, 2024, Regenx’s Board of Directors has extended the expiration date for its rights offering to June 6, 2024, 5:00 p.m. (Toronto time) in order to achieve this Allow shareholders additional time to participate. Likewise, the deadline for shareholders residing outside of Canada to demonstrate eligibility to participate in the rights offering has been extended to May 27, 2024. Complete details of the Rights Offering are set forth in the Rights Offering Circular dated March 26, 2024 and the Rights Offering Notice dated March 26, 2024, which are filed on the Company’s profile at www.sedarplus.ca.

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The Company also announced that it has completed the closing of a non-brokered private placement of unsecured convertible notes (“Notes”) for gross proceeds of $150,000. The Notes bear interest at a rate of fifteen percent (15%) per annum, are payable on the maturity date and have a maturity date of December 31, 2025. The Notes are convertible into common shares of the Company (“Common Shares”) at the option of the holder. ) at a conversion price of: (i) $0.05 per Common Share on a date that is one (1) year after the Closing Date; and (ii) $0.105 per Common Share for the period from the date following one (1) year after the Closing Date to the Maturity Date. The holder of the Note will also be issued 14,285 common stock purchase warrants (each a “Warrant”) for each $1,000 principal amount of the Note. Each warrant expires two years after the closing date and allows the holder to purchase one share of common stock at a price of $0.105 per share upon exercise in the first year and $0.20 per share upon exercise in the second year. The Company may redeem the bonds at any time upon 10 days’ written notice. The Company intends to use the proceeds to support operations, repay debt and for general working capital. Immediately following the closing, the noteholder converted the principal amount of the note into 3,000,000 shares of common stock. All securities issued in connection with the Private Placement will be subject to a four month plus one day hold period in accordance with applicable Canadian securities laws.

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About Regenx

By developing and commercializing its environmentally friendly processing technologies to recover precious metals, Regenx is positioned for growth in the CleanTech sector. The initial focus is on the extraction of platinum and palladium from diesel catalysts with business partner Davis Recycling. For more information, visit www.Regenx.Tech.

For further information please contact

Regenx Tech Corp.
Greg Pendura
CEO 780-800-0726
[email protected]

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.