Abaxx Technologies Secures C$20M Through Convertible Offering
Exciting Developments at Abaxx Technologies Inc.
Abaxx Technologies Inc. is making waves in the financial technology landscape with its recent announcement regarding a convertible debenture offering. The company, known for its innovative financial software and infrastructure solutions, is planning to raise up to C$20 million. This fundraising project marks a significant step for Abaxx as it positions itself for future growth and development.
Details on the Convertible Debenture Offering
As part of the non-brokered private placement, Abaxx proposes to issue secured convertible debentures with a principal amount of C$1,000 each. This offering allows investors to convert their debentures into common shares of the company at a conversion price set at C$13 per share, prior to the maturity date, which falls 36 months from issuance. This approach offers flexibility and potential upside to investors, contributing to an engaging investment opportunity.
Terms and Conditions of the Debentures
The convertible debentures will carry an attractive interest rate of 7.0% per annum, payable semi-annually in cash, which underlines Abaxx's commitment to providing value to its investors. Furthermore, the debentures will be issued at a discount of 2.5% of their total principal amount, enhancing initial returns for those who participate in this offering.
Timeline and Intended Uses of Funds
The anticipated closing for this offering is set for the end of March, subject to all necessary regulatory approvals. Abaxx plans to utilize the net proceeds from the offering for vital corporate purposes and working capital, ensuring that the company is agile and responsive to market needs as it continues to expand.
About Abaxx Technologies Inc.
Abaxx Technologies Inc. is not just another financial software provider. The company is on a mission to create SmarterMarkets—enabling better financial technology and market infrastructure that addresses global challenges, particularly in the energy sector. Their dedication to innovation helps transform traditional markets into more efficient and user-friendly environments. With subsidiaries like the Abaxx Exchange and Abaxx Clearing, both recognized by the Monetary Authority of Singapore, the company is paving the way for a more open and accessible marketplace.
The Role of the Abaxx Exchange
Abaxx Exchange operates as a commodity futures exchange and clearinghouse based in Singapore, offering a centralized platform for trading and managing physical commodities. This initiative aims to improve price discovery and provide robust risk management tools essential for the transition to a lower-carbon economy. Their focus is not only on profitability but also on acting as a crucial part of the sustainability journey.
Contact Information
Investors and media alike can reach out to Abaxx Technologies Inc. for further details. Steve Fray, the Chief Financial Officer, is readily available for inquiries at +1 647-490-1590. For broader investor relations, the team can be contacted at +1 246 271 0082 or via email at ir@abaxx.tech.
Frequently Asked Questions
What are the key highlights of Abaxx's convertible debenture offering?
The offering aims to raise up to C$20 million through secured convertible debentures, convertible into common shares at a price of C$13.
What will the funds be used for?
The net proceeds will be utilized for general corporate purposes and working capital, aligning with Abaxx's strategic growth initiatives.
How does Abaxx plan to engage with investors?
Abaxx encourages investor inquiries through direct communication channels, ensuring transparency and engagement for current and potential stakeholders.
What is the maturity date of the debentures?
The convertible debentures are set to mature 36 months post-issuance, providing a defined timeline for both the company and its investors.
How can investors find more information?
Investors looking to learn more about Abaxx Technologies can explore their comprehensive website at abaxx.tech.
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