12:42 PM EDT, 03/27/2024 (MT Newswires) -- Down 40%, Regenx Tech Corp. ( RGXTF ), (RGS.CN) announced Wednesday that it will be offering rights to holders of its common shares of record at the close of business on April 2, 2024.

Pursuant to the Rights Offering, each holder of Common Shares will receive one transferable right for each Common Share held as of the Record Date.

One Right will entitle the holder thereof to subscribe for one Common Share upon payment of the subscription price of $0.0075 (3/4 of a cent) per Common Share until 5 p.m. (ET) on May 21, 2024.

Assuming the exercise of all Rights, the Rights Offering will raise gross proceeds of up to $2.9 million.

The corporation currently has 395.5 million Common Shares issued and outstanding. If all Rights issued under the Rights Offering are validly exercised, an additional 395.5 million Common Shares would be issued.

According to a company statement, the net proceeds from the Rights Offering will be used for capital expenditures and for general corporate purposes.

Regenx ( RGXTF ) operates in the CleanTech sector through the development and commercialization of its environmentally friendly processing technologies for the recovery of precious metals, with a focus in the extraction of platinum and palladium from diesel catalytic converters with its business partner Davis Recycling.

Price: 0.02, Change: -0.01, Percent Change: -40.00