Skip to main content

Market Overview

Abaxx Technologies Seeks To Raise $21.5M Via Upsized Bought Deal Financing

Share:
Abaxx Technologies Seeks To Raise $21.5M Via Upsized Bought Deal Financing
  • 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.
 

Related Articles (ABXXF)

View Comments and Join the Discussion!

Posted-In: BriefsNews Penny Stocks Offerings Tech Media

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com