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- Abaxx Technologies Inc (OTC: ABXXF) could raise gross proceeds of C$21.5 million via equity offering to institutional buyers in a private bought deal financing. The company will sell 5.6 million units at C$3.80 per unit.
- Cormark Securities and BMO Capital Markets are the underwriters for the offering. The underwriters have an option to purchase additional shares up to 0.85 million, representing 15% of the offering size.
- The offering was upsized from the previously announced C$15 million.
- The offer price represents a discount of 6.2% to Abaxx's Thursday closing price of C$4.05 on the NEO exchange.
- Each unit will consist of one share and one-half of one share purchase warrant. Each warrant will entitle the holder to acquire one share at an exercise price of C$5.10 over two years.
- Abaxx intends to use the offering proceeds for regulatory capital, working capital, and general corporate purposes.
- It held $8.9 million in cash and equivalents as of Dec. 31, 2020.
- Price action: ABXXF shares traded lower by 2.48% at $3.15 on the OTC exchange on the last check Friday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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