Of course the stock was run up for financing... :)
Banxa Announces Overnight Marketed Private Placement
VANCOUVER, BC, March 16, 2021 /CNW/ - Banxa Holdings Inc. (TSXV: BNXA) (OTCQX: BNXAF) (FSE: AC00) (the "Company" or "Banxa") is pleased to announce that it has entered into an agreement with Stifel GMP and Eight Capital as co-lead agents (the "Agents"), in connection with a proposed best efforts overnight marketed offering of Units of the Company (the "Units") for aggregate gross proceeds to the Company of approximately C$10,000,000 at a price C$4.00 per Unit (the "Treasury Offering"). Each Unit will consist of one common share in the capital of the Corporation (each, a "Common Share") and one-half common share purchase warrant (each whole common share purchase warrant, a "Warrant") of the Corporation. Each whole Warrant shall entitle the holder thereof to acquire one common share in the capital of the Corporation (each, a "Warrant Share") at a price of C$8.50 per Warrant Share, until the date which is 42 months following the Closing Date, subject to adjustment in certain events.
The Company will grant the Agents an option (the "Agent's Option") to increase the size of the Offering by up to an additional 15% of the Units sold under the Offering, exercisable in whole or in part, at any time and from time to time up to 48 hours prior to the Closing Date.
The net proceeds from the Offering will be used for general corporate purposes.
The Treasury Offering is scheduled to close on or about April 8, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange.
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 have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as 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.
Domenic Carosa
Chairman (+1-888-218-6863)
newswire.ca |
