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Abaxx Announces C$2.795 million Strategic Financing

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Oct. 22, 2024 (GLOBE NEWSWIRE) -- Abaxx Technologies Inc. (CBOE CA:ABXX) ("Abaxx" or the "Company"), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, "Abaxx Exchange" and "Abaxx Clearing"), and producer of the SmarterMarkets™ Podcast, is pleased to announce that it anticipates entering into a binding agreement with a strategic investor, pursuant to which the investor has agreed to purchase 215,000 common shares (the "Shares") of the Company at a price of CAD$13.00 per common share for aggregate gross proceeds of C$2,795,000 on a private placement basis (the "Financing").

The proceeds of the Financing are expected to be used for general corporate and working capital requirements, including to fund ongoing operations and/or working capital and minimum regulatory requirements for Abaxx Exchange and Abaxx Clearing. No finder's fees or commissions were paid in connection with the Financing. The parties must enter into a binding subscription agreement to complete the Financing which is expected to close as soon as reasonably practicable and is subject to final acceptance of Cboe Canada.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities issuable under the Financing have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold to or for the account or benefit of persons in the "United States" or "U.S. persons" (as such terms are defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Abaxx TechnologiesAbaxx is building Smarter Markets, markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and ...