Luxxfolio plans $1.5M private placement for Litecoin mining

Luxxfolio Holdings Inc. (CSE: LUXX) (OTCQB: LUXFD) (FSE: LUH0) announced a non-brokered private placement of up to 7,500,000 units at $0.20 per unit, targeting gross proceeds of up to $1,500,000, according to a press release from the Vancouver-based company.

Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant allows the holder to purchase an additional share at $0.40 per share for 24 months from closing. The warrants may expire early if the company's common shares close at $0.60 or above on the Canadian Securities Exchange for at least 10 consecutive trading days and a notice of acceleration is issued.

The company said it intends to use net proceeds for general working capital and development of its Litecoin mining initiatives. The company may also pay finder's fees in connection with the offering, subject to applicable securities laws and Canadian Securities Exchange policies.

Completion of the offering remains subject to customary conditions and receipt of all necessary regulatory approvals.

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