TrustBIX Inc. Announces Closing of Second and Final Tranche of Previously Announced Private Placement
Rhea-AI Summary
TrustBIX Inc. (TSXV: TBIX) has completed the second and final tranche of its non-brokered private placement, issuing 1,550,000 common shares at $0.02 per share for gross proceeds of $31,000. Combined with the first tranche, the company has raised total gross proceeds of $86,800 through the issuance of 4,340,000 common shares.
A director and officer participated in the placement, acquiring 640,000 shares for $12,800. This insider participation was deemed exempt from formal valuation and minority shareholder approval requirements. The shares are subject to a four-month and one-day hold period, and no finder's fees were paid. The proceeds will be used for ongoing working capital.
Positive
- Raised $86,800 in total gross proceeds through private placement
- Insider participation demonstrates management confidence with $12,800 investment
Negative
- Low share price of $0.02 indicates potential financial distress
- Small capital raise amount suggests funding capability
- Reliance on minimum pricing exemption due to sub-$0.05 share price
News Market Reaction
On the day this news was published, TBIXF declined 82.32%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Edmonton, Alberta--(Newsfile Corp. - December 30, 2024) - TrustBIX Inc. (TSXV: TBIX) ("TrustBIX" or the "Company") announces the closing of the second and final tranche (the "Final Tranche") of its non-brokered private placement (the "Private Placement"), previously announced on November 13, 2024 and December 5, 2024. Under the Final Tranche, the Company issued 1,550,000 common shares of the Company ("Common Shares") at a price of
Pursuant to the Private Placement the Company has issued an aggregate of 4,340,000 Common Shares at a price of
The Company conducted the Private Placement under various prospectus exemptions ("Exemptions") in accordance with National Instrument 45-106, Prospectus Exemptions.
A director and an officer of the Company participated in the private placement; they acquired an aggregate total of 640,000 Common Shares for
The securities issued under the Private Placement are subject to a four-month and one-day hold period from the time of closing of the Private Placement. No finder's fees or other compensation was paid in connection with the Private Placement
As the financing is below
About TrustBIX (TSXV: TBIX)
TrustBIX is an agricultural technology company providing Gate to Plate® solutions to create a world where we trust more, waste less, and reward sustainable practices. Our award-winning technologies offer practical tools trusted by local and international agri-food organizations.
Forward-Looking Information
This press release contains certain forward-looking information and reflects the Company's present assumptions regarding future events. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, and/or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.
Certain statements contained in this document constitute forward-looking statements and information within the meaning of the applicable Canadian securities legislation. When used in this document, the words "may", "would", "could", "should", "will", "intend", "plan", "propose", "anticipate", "believe", "forecast", "estimate", "expect" and similar expressions used by any of the Company's management, are intended to identify forward-looking statements. Such statements reflect the Company's internal projections, expectations, future growth, performance and business prospects and opportunities and are based on information currently available to the Company. Since they relate to the Company's current views with respect to future events, they are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company does not intend, and does not assume any obligation, to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments except as required by applicable securities legislation, regulations or policies.
FOR MORE INFORMATION CONTACT:
Mr. Hubert Lau
President and CEO
Telephone: (780) 456-2207
Email: info@trustbix.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235563
FAQ
How much did TrustBIX (TBIX) raise in its final tranche of private placement?
What are the total proceeds from TBIX's private placement?
How many shares did TBIX insiders purchase in the private placement?
What is the hold period for TBIX shares issued in this private placement?
How will TBIX use the proceeds from this private placement?
