VANCOUVER, British Columbia, Sept. 30, 2016 (GLOBE NEWSWIRE) -- Luxor Industrial Corporation (TSX.V:LRL) (OTC:LXRRF) is pleased to announce a non-brokered private placement financing to raise $ 3,000,000 at a price of $0.30 per unit. The private placement is comprised of 10,000,000 units with each unit consisting of one common share and one transferable warrant entitling the holder to purchase one additional share at a price of $0.40 for one year.
Funds from the financing will be used for working capital and reduction of debt.
Certain directors and officers may participate in the private placement on the terms set forth above and such participation has been approved by the independent directors of the Company. The Company is relying on an exemption from the related party requirements of MI 61-101.
The financing is subject to acceptance for filing by the TSX Venture Exchange.
About Luxor Industrial Corporation
Luxor has vertically integrated through the recent acquisitions of turnkey framing companies in Canada and the United States. The Company now distributes Pre- Fabricated Wall Panels and a complete line of Multi-Family Engineered Lumber. http://www.millframe.com
Luxor is involved in the development, engineering, manufacturing and marketing of engineered wood products. In the industrial sector, it manufacturers wood mat products. In the residential sector it manufactures its patented IBS 2000® engineered floor bridging, fire protected architectural wood products, and FastFrame™ wall components. For further information, visit Luxor’s website at www.luxorcorp.com.
This news release contains forward looking statements. Although Luxor believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Luxor can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Additional information may be accessed through the Sedar website: www.sedar.com
Neither the 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.