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Luxxfolio Holdings (CSE: LUXX) (OTC: LUXFD) has announced several strategic initiatives following a $1.2 million private placement. The company has implemented a Litecoin Treasury Strategy with an initial purchase of 4,982 LTC, positioning itself for the next wave of crypto payment adoption.
Key developments include:
- Plans to explore restarting digital asset mining operations, focusing on Litecoin
- Establishment of a Litecoin full node to validate transactions and enhance network participation
- Development of on-chain payment infrastructure, including stablecoin integration, wallet solutions, and merchant processing tools
The company cites Litecoin's advantages including fast transaction speeds, low fees, and network reliability, noting its position as the leading cryptocurrency on BitPay for transaction volume. CEO Tomek Antoniak expressed confidence in Litecoin's potential for real-world payment utility.
Luxxfolio Holdings (CSE: LUXX) has successfully closed a non-brokered private placement, raising $1,163,755 through the issuance of 7,758,367 shares at $0.15 per share. The company paid finder's fees of $64,558 and issued 406,119 share purchase warrants, exercisable at $0.15 for 24 months.
The proceeds will be used to advance the company's cryptocurrency business strategy, general working capital, and debt retirement. In a significant leadership change, Tomek Antoniak has been appointed as CEO and Director, effective March 25, 2025, replacing Geoff McCord who will continue as CFO and director. Rodney Stevens has stepped down from his director position.
Antoniak brings over a decade of experience in software development and technology leadership, particularly in blockchain and fintech, along with five years of venture capital expertise.
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