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Memex Inc

Exchange: TSXV Exchange | Jan 23, 2018, 2:48 AM EST

OEE
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Memex Announces Closing of $2.85mm Private Placement

BURLINGTON, ON / ACCESSWIRE / September 26, 2017 / Memex Inc. ("MEMEX" or the "Company") (TSX-V: OEE) is pleased to announce that it has closed on its previously announced "best efforts" private placement offering (the "Offering"), announced on August 22, 2017, and upsized, as announced on September 15, 2017. Pursuant to the Offering, the Company issued 17,820,000 units of the Company (the "Units") at a price per Unit of $0.16 for total gross proceeds of $2,851,200.

Eight Capital acted as lead agent, on behalf of a syndicate including Haywood Securities Inc. and Gravitas Securities Inc. (together, the "Agents").

Each Unit consists of one common share of the Company (a "Share") and one-half of one Share purchase warrant (each full warrant, a "Warrant"). Each Warrant shall entitle the holder thereof to acquire one Share at a price of $0.25 for a period of 24 months following the closing of the Offering. In the event that the closing sale price of the Company's common shares on the TSX Venture Exchange is greater than $0.35 per Share for a period of 20 consecutive trading days at any time after the closing of the Offering, the Company can accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company.

"We are pleased with the favourable reaction investors had to our financing, which translated into almost doubling the size of our initial offering," said MEMEX President and CEO, David McPhail. "This capital allows us to accelerate our growth strategy in key geographical regions and vertical markets."

MEMEX issued to the Agents a total of 881,250 compensation options in connection with the Offering. Each such compensation option entitles the holder thereof to acquire a Share at a price of $0.16 per Share for a period of 24 months following the closing of the Offering.

The net proceeds from the Offering will be used for working capital and general corporate purposes. The securities issued under the Offering are subject to a four month hold period from the date of closing of the Offering in addition to any other restrictions under applicable law.

Insiders of MEMEX purchased $85,000 of Units under the Offering, which is considered a related party transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). MEMEX relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(a), respectively, of MI 61-101 in respect of such insider participation. No new insiders and no control persons were created in connection with the Offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPT RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.

About MEMEX

MEMEX was founded with a vision to improve the way automated machinery and production equipment work and connect on the factory floor. Since then MEMEX has proved itself a pioneer in IIoT time and again. The company is committed to its mission of "successfully transforming factories of today into factories of the future" and envisions converting every machine into a node on the corporate network, creating visibility from shop-floor-to-top-floor. MEMEX is the developer of MERLIN, an award-winning IIoT technology platform that delivers tangible increases in manufacturing productivity in Real Time. MEMEX's software and hardware IIoT solution enable customers to achieve tangible IIoT-centric business outcomes. The MERLIN software suite and connectivity products have enabled manufacturers to achieve upwards of a 50% increase in productivity and a 20%-plus increase in profit, on average. Additionally, customers have secured payback in less than four months, which equates to an Internal Rate of Return greater than 300 per cent. For more information, please visit: www.MemexOEE.com.

For investor inquiries, please contact:

Rashi Rathore
Marketing Manager
Phone: 905-635-3040 ext. 103
Rashi.Rathore@MemexOEE.com

David McPhail
President & CEO
519-993-1114
David.McPhail@memexOEE.com

Sean Peasgood
Investor Relations
416-565-2805
Sean@sophiccapital.com

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

SOURCE: Memex Inc.

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