Abaxx Technologies closes $24.72-million bought deal
2021-05-14 09:48 MT - News Release
Abaxx Technologies Inc. has closed its previously announced bought deal financing.
The company issued a total of 6,506,585 units on a bought deal basis, at an offering price of $3.80 per unit, which includes 848,685 units issued pursuant to the exercise of an overallotment option, in full, for gross proceeds of approximately $24.72-million. Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at a price of $5.10 for a period of 24 months following the closing of the offering.
The offering was co-led by Cormark Securities Inc. and BMO Capital Markets, together with Canaccord Genuity Corp. and Raymond James Ltd. In connection with the offering, the company paid the underwriters a cash commission of 6 per cent of the aggregate gross proceeds raised from the offering, subject to a cash commission equal to 3 per cent in respect of sales to members of a president's list, such sales to president's list members not to exceed $8.6-million.
In connection with the offering, the company's warrants have been approved for listing on the Aequitas Neo Exchange Inc. and are expected to commence trading on or about May 19, 2021, under the symbol ABXX.WT. The warrants were issued pursuant to a warrant indenture dated May 14, 2021, between the company and Computershare Trust Company of Canada. A copy of the warrant indenture is available under the company's SEDAR profile.
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