TORONTO, ONTARIO -- (Marketwired) -- 09/30/14 -- NXA INC. (the "Company") (TSX VENTURE: NXI.H) is pleased to announce that it has completed a shares for debt transaction (the "Transaction") pursuant to which the Company issued 5,814,000 common shares at a deemed price of $0.05 per share in full satisfaction of an aggregate of $290,700 in debt. The shares are subject to a four-month hold period.
The Transaction constitutes a related party transaction pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is exempt from the formal valuation and minority approval requirements of MI 61-101 in reliance on Section 5.5(b) and Section 5.7(b), respectively, of MI 61-101.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
NXA Inc.
Paul Van Damme
Chief Financial Officer
(416) 847-6905
