jrf30
5 months ago
This (below) should be GOOD news for the stock price. Exposure is always good for a company, and one that has this story this could take off. I'll even put a "bullish" sign up for now.
Don't know where we might trade tomorrow, after the 1 for 2 split, but today, under the symbol RGXTD, we traded near 4 cents a share. On 39 total shares. LOL. Don't think that is where we shall be, but nice to see and wish for. I truly think we can and will see that price for real in 2025. Just probably not yet.
jrf30
8 months ago
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Insights from Recent Presentation & Funding Update
A lot of inquiries have been received since our recent video presentation on various topics. I feel communication and clarity would best be accomplished by responding to all shareholders regarding these questions.
I understand the frustration felt by shareholders over the current market conditions which has brought about mixed messaging in the marketplace. This has been exasperated by our recently announced funding requirement brought about by our present operating cash deficiency in allowing us to strive for a positive cash flow position in our operations. I need to reiterate that by reaching 2500 lbs of thru put in one 8-hour shift we will be achieving our initial objective of 5000 lbs for Module 1 with the addition of a second 8-hour shift. This will be a duplication of what we have already done in the current 8-hour shift as no further scale up of our process is required beyond the logistics of material handling, etc. To accomplish this, we need operating capital for additional personnel, feedstock and chemicals to give us the staying power to manage the 90-120 day payment schedule from refiners for our product.
When I mentioned that the Company is not considering a consolidation of shares at this time it was in reference to a roll back of shares. Many companies wish to reduce the number of outstanding shares this way. For example, if a company had 100 million outstanding shares and the share price was $0.10 a 5 to 1 share roll back would reduce the outstanding shares to 20 million. If a shareholder owned 1 million shares pre roll back the net value of the position would be $100,000. The rationale behind the roll back is the share price should now remain at $0.50 thus leaving a shareholders equity position the same at $100,000 (200,000 shares @ $0.50). This usually does not happen as the share price usually drifts down unless there is a strategic business rationale for doing so.
In our recently announced Rights Offering the 2 for 1 consolidation results in the same number of outstanding shares as before the Rights Offering. If the offering is fully subscribed the outstanding shares will temporarily double because of the CDN $0.0075 right exercise to 790 million shares but return to approximately 395 million shares with the 2 for 1 consolidation after the close of the Offering.
The basic premise behind a Rights Offering is that existing shareholders participate in the funding with no additional share dilution to the Company. Unfortunately shareholders not fully participating in the Rights Offering will be diluted 50% of their unexercised shares. Shareholders that do participate in the Rights Offering have the option if they choose to request additional rights at CDN ¾ of one cent ($0.0075) from the remaining pool of unexercised rights that will be available from the shareholders that have not participated.
I mentioned that our operating capital shortfall could only be resolved in three ways. Our first option is an equity raise (such as a private placement but this cannot be done at a price below $0.05 due to regulatory restrictions). The second option is a predatory loan debt instrument that would not be in the best interests of shareholders. The final option is a Rights Offering. All funding avenues were considered and evaluated, and a Rights Offering is the only viable option to us at this time. A price of ¾ of one cent was determined to be sufficient to give the Company the operating capital required (approximately $3M) to scale up to 5000 lbs per day and allow us the window to overcome the 90-120 day receivable timeline.
As already mentioned, currently we are hampered in our ability to operate at increased capacities by our lack of an adequate working capital facility. This working capital deficiency doesn’t allow us to purchase the quantity of feedstock required to operate Module One at the capacity it is capable of. The proceeds of the Rights Offering provides this working capital for us to meet our production objectives.
We have been asked about our relationships with refiners. As with any potential commercial business transaction, especially with new technologies and its related implications, due diligence is undertaken by both parties. As such, we have NDA’s in place with more than one large refiner and are presently working closely with them as well as with other commercial interests. Nothing further can be communicated at this time until disclosures are agreed to by both parties and in a format acceptable to each, especially in the revelation of competitive issues to the industry.
There has been several inquires as to the use of proceeds from our funding initiatives. Since the 2022 Rights Offering, we have also raised $4.8M in additional funding through convertible debentures. $1.9M of the 2022 Rights offering was used for required debt repayments that saved the company interest expenses
Our spending for the development of the catalytic converter business has used almost $3.7M of these funds on the pilot plant and Module 1. As discussed previously, Module 1 has incurred 4 major issues and the direct costs associated with these issues are as follows. The heating system upgrade cost $400K, the bulk loader with modifications cost $120K, the reactor manufacturing failure cost $75K and the pump limitations cost us $40K. These direct costs were unanticipated and do not include the indirect costs associated with down time and the delays in fixing these issues due to the sourcing and scheduling of the necessary independent tradespeople needed to repair/fabricate the various mechanical, electrical, and plumbing items. We would obviously have preferred to not have incurred these issues, but this is not unusual in the process of building a system that is the first of its kind. There are simply no prior design parameters to fall back on or professional engineering consultants to rely on when approaching a project such as ours.
SG&A costs, including the Vancouver research facility, are approximately $2.6M since the 2022 Rights Offering. In addition, we have also contributed almost $1M to fund Iron Bull and the Cehegin Iron Ore Project during this time.
I stress that this new Rights Offering is the final hurdle that Regenx requires to meet the operational needs to reach 5000lbs/day of throughput, and to overcome the refineries unfavourable payment terms, allowing us the time to move into a positive cash position. In addition, its important to note that as we begin to show a history of revenue generation typical operating lines with traditional funding institutions will become available to us for growth and expansion needs.
I have had many calls where shareholders have expressed their frustration with the timeline roll out and unexpected expenses that have occurred during our plant mobilization but have enthusiastically expressed their support for the company and what has been accomplished to date. I want to express my appreciation to all our shareholders for the unwavering support shown throughout this whole process. We are very close to realizing the merits of our technology journey and look forward to the recognition and value that will be forthcoming as a result.
Greg Pendura
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jrf30
1 year ago
Regenx Tech Corp., (the “Company” or “Regenx” (CSE:RGX) (OTCQB:RGXTF) is pleased to announce the system recovery rates obtained during the start-up phase of the commissioning of Module One in Greeneville TN.
During the initial phase of commissioning a recovery rate of 86% for both Platinum (Pt) and Palladium (Pd) were consistently achieved. By the end of the commissioning phase recoveries of 94% for Pt and 98% for Pd were attained. The recovery rates reported previously were solely for the leaching process. The overall recovery results currently reported reflect the entirety of the process including all sections where potential precious metal losses occur, such as leaching, solid/liquid separation and the Merrill Crowe recovery.
“The team is very excited being able to replicate the results from the lab and pilot plant trials during the start up commissioning phase. These results were obtained using very low-grade materials which makes this even more exciting as low-grade material was the most challenging to obtain high recoveries in the lab environment. Everyone at Regenx is excited as we enter the next stage of the Company’s development as a fully commercial operation. The Company’s vision is to become a global solution for an ever increasing multi-billion dollar problem”, stated Greg Pendura, CEO.
AveragePenny
1 year ago
$RGXTF $RGX.C Regenx Grants Stock Options
https://www.globenewswire.com/news-release/2023/09/14/2742968/0/en/Regenx-Grants-Stock-Options.html
EDMONTON, Alberta, Sept. 14, 2023 (GLOBE NEWSWIRE) -- Regenx Tech Corp., (the "Company" or "Regenx") (CSE: RGX) (OTCQB: RGXTF) (FSE: YRS WKN: A2DSW3) announces the Company has granted an aggregate of 4,950,000 stock options to directors, officers, employees, and various consultants of the Company. The options are at an exercise price of $0.13 per share and valid for a period of five years from the date of the grant, subject to vesting provisions. The options are granted in accordance with the Company's Stock Option Plan approved by the shareholders on August 24, 2023
The grant of the options has been approved by the Board of Directors and is subject to the final approval of the Canadian Securities Exchange (CSE).
AveragePenny
1 year ago
$RGXTF $RGX Regenx Appoints New Auditor
https://www.globenewswire.com/news-release/2023/07/11/2702293/0/en/Regenx-Appoints-New-Auditor.html
EDMONTON, Alberta, July 11, 2023 (GLOBE NEWSWIRE) -- Regenx Tech Corp., (the "Corporation" or "Regenx") (CSE: RGX) (OTCQB: RGXTF) (FSE: J64 WKN: A3DMYS) announced today that it has appointed Paul J. Rozek Professional Corporation, Chartered Professional Accountant?, as auditor of Regenx effective July 10, 2023. The former auditor, K.R. Margetson Ltd.?, resigned at the request of the Corporation on July 10, 2023. The Audit Committee’s recommendation to the Board of Directors for the change of auditor was made due to the Corporation’s desire to move to a different audit firm.
The Corporation further reports there were no reservations in the Former Auditor’s reports on the Corporation's financial statements for the period commencing at the beginning of the Corporation’s two most recently completed financial years and ending on the date of resignation of the Former Auditor. There are no reportable events including disagreements, consultations, or unresolved issues as defined in NI 51-102 (Part 4.11) between the Corporation and the Former Auditor. The change of the auditor and the recommendation to appoint the Successor Auditor was approved by the Audit Committee and the Board of Directors of the Corporation.
AveragePenny
1 year ago
$RGXTF $RGX.V Regenx Completes First Tranche of Debenture Offering
https://www.globenewswire.com/news-release/2023/06/30/2697528/0/en/Regenx-Completes-First-Tranche-of-Debenture-Offering.html
EDMONTON, Alberta, June 30, 2023 (GLOBE NEWSWIRE) -- Regenx Tech Corp., (the "Company" or "Regenx") (CSE: RGX) (OTCQB: RGXTF) (FSE: YRS WKN: A2DSW3) has closed the first tranche of its previously announced financing for gross proceeds of $2,113,830. The closing of the first tranche of the offering is subject to all required regulatory approvals, including the acceptance of the Canadian Securities Exchange.
The offering is a non-brokered private placement of unsecured convertible debentures (“Debentures”). The Debentures bear interest at the rate of fifteen percent (15%) per annum and will mature on July 1, 2025. The Debentures will be convertible at the holder’s option into common shares of the Company (“Common Share”) at a conversion price of: (i) $0.105 per Common Share until one (1) year from the closing date; and (ii) $0.15 per Common Share for the period from the date following one (1) year from the closing date until the maturity date. The Corporation can redeem the Debentures at any time upon 10 days prior written notice.
The Company will not be paying finder’s fees in the first tranche closing.
The Company intends to use the proceeds from the offering to further the Catalytic Converter Module One and general working capital purposes.
The Common Shares to be issued under the offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to a U.S. Persons absent registration or an applicable exemption from the registration. This news release is not an offer or a solicitation of an offer of securities for sale in the United States, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
AveragePenny
2 years ago
$RGXTF $RGX.V Regenx Announces Proposed Debenture Offering
https://www.globenewswire.com/news-release/2023/05/11/2666286/0/en/Regenx-Announces-Proposed-Debenture-Offering.html
EDMONTON, Alberta, May 11, 2023 (GLOBE NEWSWIRE) -- Regenx Tech Corp., (the "Corporation" or "Regenx") (TSXV: RGX) (OTCQB: RGXTF) (FSE: YRS WKN: A2DSW3) announced today its intention to complete a non-brokered private placement offering of unsecured convertible debentures (“Debentures”) in the principal amount of up to $2.5Million (the “Private Placement”). The Debentures will bear interest at the rate of fifteen percent (15%) per annum, payable on the maturity date and will mature on July 1, 2025. The Debentures will be convertible at the holder’s option into common shares of the Corporation (“Common Shares”) at a conversion price of: (i) $0.105 per Common Share until the date that is one (1) year from the closing date; and (ii) $0.15 per Common Share for the period from the date following one (1) year from the closing date until the maturity date. The Corporation can redeem the Debentures at any time upon 10 days prior written notice.
The closing of the Private Placement is expected to occur on or about June 15, 2023, and is subject to regulatory approval, including approval of the TSX Venture Exchange. For further details on the Private Placement, please contact the Corporation. All securities issued in connection with the Private Placement will be subject to a hold period of four months from the date of closing. The net proceeds from the Private Placement will be used for plant operations including feedstock and for general working capital.
AveragePenny
2 years ago
$RGXTF $RGX.V Regenx Opens Its First CleanTech Facility in Tennessee Recovering Precious Metals from End of Life Products
https://www.globenewswire.com/news-release/2023/04/11/2644045/0/en/Regenx-Opens-Its-First-CleanTech-Facility-in-Tennessee-Recovering-Precious-Metals-from-End-of-Life-Products.html
EDMONTON, Alberta, April 11, 2023 (GLOBE NEWSWIRE) -- Regenx Tech Corp., (the “Corporation” or Regenx”) (TSXV: RGX) (OTCQB: RGXTF) (FSE: YRS: A2DSW3) is pleased to announce that last week the Company received the occupancy permit for its first facility in Greeneville, Tennessee. This permit allowed the commissioning of Module 1 to begin. The commissioning process includes the testing of all the components and will start with processing smaller batches and gradually scaling up the technology in stages to 100% of its expected capacity of 2.5 tonnes per day. It is projected the commissioning phase will take up to 90 days to complete and reach full capacity.
Regenx’s CleanTech solution uses a proprietary chemical and processing technology which offers a sustainable alternative to current smelter options for the recovery of platinum and palladium from recycled diesel catalytic converters. Regenx CEO, Greg Pendura, stated, “What we’ve created is a technology that encompasses modern, urban mining, while promoting sustainability within a circular economy. We are excited about completing our commissioning phase and expanding into a four Module facility.”
Jeffrey Taylor, President & CEO of Greene County Partnership, the economic development arm of the County of Greeneville stated, “After having the chance to tour the Regenx facility and meet with their senior management I’m impressed and excited about the prospects of this operation. Both the city of Greeneville and the State of Tennessee have been partnering with Regenx to provide support and assistance in the growth of the company. Regenx’s clean technology fits with the type of development the County of Greeneville is trying to encourage to locate in the area.”
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