November 22, 2023 [crocon media – msch] Abaxx Technologies Inc. (NEO:ABXX)(OTCQX:ABXXF), a trailblazer in financial software and market infrastructure, has successfully closed a significant non-brokered private placement, marking a pivotal moment in its journey towards reshaping the financial market landscape.
The recent financing, involving the issuance of 5,338,866 common shares at CAD $5.75 per share, has amassed an impressive CAD $30,698,480. This substantial capital injection is poised to accelerate Abaxx’s ambitious plans, particularly in securing crucial licenses for its Singapore-based Exchange and Clearinghouse operations.
Josh Crumb, CEO of Abaxx, expressed gratitude and optimism, highlighting the participation of world-renowned institutional investors and commodity infrastructure portfolio managers. This diverse investor base not only brings financial support but also a wealth of expertise and confidence in Abaxx’s vision.
The capital raised is earmarked for completing applications for “recognized market operator” and “approved clearing house” licenses with the Monetary Authority of Singapore. Achieving these licenses is more than a regulatory milestone; it’s a strategic move positioning Abaxx as a key player in the global financial market infrastructure.
Moreover, the funding ensures robust working capital and supports general corporate purposes, crucial as Abaxx gears up for the launch of its exchange. This development is a testament to the company’s commitment to innovation and its ability to attract significant investment, even in a challenging economic climate.
The termination of the “at-the-market” equity offering program with BMO Capital Markets further signifies a strategic shift in Abaxx’s financing approach. This move reflects a confidence in the company’s financial stability and a focus on long-term, sustainable growth strategies.
In summary, Abaxx Technologies’ successful financing round is not just a financial win but a strategic leap. It underscores the company’s potential to revolutionize financial market infrastructure with cutting-edge technology and a forward-thinking approach. As Abaxx moves closer to operationalizing its Singapore Exchange and Clearinghouse, the financial world watches with keen interest, anticipating the innovative solutions it will bring to the global market.
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