Abaxx Provides Corporate Update
TORONTO, Sept. 29, 2023 (GLOBE NEWSWIRE) -- Abaxx Technologies Inc. (NEO:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of the Abaxx Commodity Exchange and Clearinghouse (“Abaxx Singapore”), and producer of the SmarterMarkets™ Podcast, summarizes development activities over the past quarter and the general progress of the Company’s business plans. Abaxx also announces that it completed a financing of approximately CAD $1,013,000 through the private placement of an unsecured convertible debenture of the Company with an existing shareholder. Further details of these updates are provided below.
- Strategic Financing: The strategic financing process for Abaxx Singapore is progressing, with an expected conclusion in early Q4.
- Abaxx has signed non-binding term sheets as well as definitive agreements with corporate strategic investors, as previously disclosed on August 14th, 2023.
- The following press release provides a detailed update on these developments.
- First Tranche of Strategic Financing: Abaxx Singapore, consistent with its initiative for a US$20 million to US$35 million best efforts equity private placement of preferred shares (the “Preferred Shares”) of Abaxx Singapore (the “Offering”), has formalized an investment agreement with an initial corporate investor.