Abaxx Technologies Announces Closing of First Tranche of Secured Convertible Debenture Offering
Abaxx Technologies Inc., a leading financial software and market infrastructure company, and indirect majority shareholder of Abaxx Singapore Pte Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (hereafter referred to as “Abaxx Exchange” and “Abaxx Clearing”), is pleased to announce the closing of the first tranche (“First Tranche”) of its previously announced non-brokered private placement (“Offering”) of secured convertible debentures (“Debentures”).
The First Tranche raised gross proceeds of C$22.85 million. The Debentures bear interest at a rate of 5.0% per annum and mature on March 31, 2027. The Debentures are convertible into common shares of Abaxx at a price of C$1.80 per common share, subject to adjustment in certain circumstances.
Impact on Abaxx Technologies
The proceeds from the Offering will be used to fund the Company’s working capital requirements, capital expenditures, and general corporate purposes. Abaxx’s President and CEO, Kelly Smith, commented, “We are pleased to have closed the first tranche of our private placement, which will provide us with the necessary funds to execute on our strategic initiatives and support the growth of our business.”
Impact on the World
The successful closing of the Offering by Abaxx Technologies is a positive sign for the financial technology sector. The company’s ability to secure significant funding through a private placement demonstrates investor confidence in the sector and its potential for growth. Furthermore, the proceeds from the Offering will enable Abaxx to continue developing innovative financial software and market infrastructure solutions, which can contribute to more efficient and transparent financial markets.
Conclusion
Abaxx Technologies’ successful closing of the First Tranche of its private placement is a significant milestone for the company and the financial technology sector. The proceeds from the Offering will be used to fund the Company’s growth initiatives and support the development of innovative financial software and market infrastructure solutions. The closing of the Offering is also a positive sign for investor confidence in the financial technology sector and its potential for growth. Abaxx Technologies remains committed to delivering value to its customers, shareholders, and the financial community as a whole.
- Abaxx Technologies closes the first tranche of its private placement, raising C$22.85 million
- Proceeds will be used for working capital requirements, capital expenditures, and general corporate purposes
- Investor confidence in the financial technology sector demonstrated through successful private placement
- Abaxx to continue developing innovative financial software and market infrastructure solutions
