Abaxx Technologies Files Early Warning Report on MineHub
Abaxx Technologies Files Early Warning Report on MineHub
Abaxx Technologies Inc. (CBOE: ABXX) (OTCQX: ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure firm, has filed an early warning report related to its recent share acquisition in MineHub Technologies Inc. (“MineHub”). Abaxx, which holds an indirect majority stake in Abaxx Singapore Pte Ltd., is recognized for its operation of the Abaxx Commodity Exchange and Clearinghouse and its production of the SmarterMarkets™ Podcast.
Details of Share Exchange Agreement with MineHub
On a designated date, Abaxx successfully completed a first tranche closing as per a share exchange agreement with MineHub. This transaction involved the acquisition of 4,166,677 MineHub common shares and 8,333,333 common share purchase warrants. Each Warrant allows Abaxx to purchase an additional common share at a set price per Warrant Share, valid until a specified date.
Significance of the Acquisition
Prior to this transaction, Abaxx held no common shares of MineHub. With the completion of the first tranche closing, the company now possesses a 5.76% stake in unmodified MineHub shares and a 15.5% stake on a partially diluted basis, taking into account the potential exercise of the warrants. This acquisition is primarily for investment purposes, indicating Abaxx's strategic interest in MineHub's future prospects.
Potential for Future Acquisitions
Abaxx intends to remain active in the market regarding MineHub's shares, holding the option to acquire additional equity or securities as market conditions fluctuate. This initiative will depend on several factors, including MineHub's business development, market trends, and other influencing dynamics.
Regulatory Compliance
This public disclosure is in alignment with applicable securities laws, particularly concerning the obligations of early warning reporting as embodied in the National Instrument 62-103. Abaxx will file a detailed early warning report with the securities regulators to provide further details about the transactions undertaken.
Overview of Following Reporting Procedures
The early warning report can be accessed through MineHub's profile on relevant regulatory platforms. Furthermore, interested parties can reach Abaxx’s head office for any inquiries related to this matter.
About MineHub Technologies Inc.
MineHub is listed on the TSX Venture Exchange under the ticker symbol “MHUB”. It operates as a corporation under British Columbia law, with its main office located in a prominent area of Canada.
About Abaxx Technologies
Abaxx strives to create Smarter Markets through advanced financial technology and infrastructure solutions aimed at solving critical challenges, such as the transition to renewable energy. The company conducts various operations to develop innovative financial technologies that enhance trading efficacy and transaction security.
Operational Highlights of Abaxx
As a leading entity in financial technology, Abaxx operates the Abaxx Exchange and Abaxx Clearing, positioned in Singapore as recognized market operator and approved clearing house, respectively. These ventures aim to deliver a more efficient platform for commodities trading and derivatives.
Media and Investor Inquiries
For further information regarding Abaxx Technologies, interested parties should reach out to the Investor Relations team through the provided contact details. Queries via email are also welcomed for a more detailed dialogue.
Frequently Asked Questions
What is the purpose of the early warning report filed by Abaxx?
The early warning report is filed to disclose Abaxx's acquisition of shares in MineHub and comply with regulatory requirements regarding significant shareholding changes.
What percentage of MineHub shares does Abaxx now hold?
Abaxx currently holds 5.76% of the issued and outstanding MineHub shares on an undiluted basis, and 15.5% on a partially diluted basis with the exercise of warrants.
What are the main operations of Abaxx Technologies Inc.?
Abaxx Technologies focuses on developing financial technologies for better market infrastructure, with a specific aim at enhancing efficiency in energy markets.
How can investors access the early warning report?
Investors can find the early warning report filed by Abaxx under MineHub’s profile on recognized regulatory platforms.
How can I contact Abaxx for investor inquiries?
Investor inquiries can be directed to the Investor Relations team via the provided email and contact number for more detailed discussions.
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