TrustBIX Inc. Announces Conditional Acceptance by the TSX Venture Exchange and Completion of Initial Tranche of Private Placement

Rhea-AI Summary

TrustBIX Inc. (TSXV: TBIX) has received conditional acceptance from the TSX Venture Exchange for its non-brokered private placement announced on November 13, 2024. The company has completed the initial tranche, raising $55,800 through the issuance of 2,790,000 common shares at $0.02 per share. The total private placement aims to raise up to $100,000 through the issuance of up to 5,000,000 common shares.

Company insiders, including a director and an officer, participated in the placement, acquiring 640,000 common shares for $12,800. The transaction qualifies as exempt from formal valuation and minority shareholder approval requirements under MI 61-101. The proceeds will be used for working capital purposes.

Positive

• Secured conditional acceptance from TSX Venture Exchange for private placement
• Successfully raised $55,800 in initial tranche
• Insider participation demonstrates management confidence

Negative

• Low share price of $0.02 indicates potential financial distress
• Dilutive effect on existing shareholders
• Small financing amount suggests working capital

News Market Reaction

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-82.32% News Effect

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 5, 2024) - TrustBIX Inc. (TSXV: TBIX) ("TrustBIX" or the "Company") announces the non-brokered private placement (the "Private Placement"), previously announced on November 13, 2024 for up to 5,000,000 common shares of the Company ("Common Shares") at a price of $0.02 per Common Share for gross proceeds of up to $100,000, has received conditional acceptance by the TSX Venture Exchange (the "Exchange"). TrustBIX has closed on the initial tranche of subscriptions of 2,790,000 Common Shares for gross proceeds of $55,800.

The securities issued under the Private Placement are subject to a four-month and a day hold period from the time of closing of the Private Placement.

A director and an officer of the Company participated in the private placement; they acquired an aggregate total of 640,000 Common Shares for $12,800. The participation of these insiders in the private placement constitutes a Related Party Transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The board of directors of the Company determined that the transaction is exempt from the formal valuation and minority shareholder approval requirements contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 for the related party transaction, as neither the fair market value of securities issued to the insiders nor the consideration paid by the insiders exceeded 25 percent of the Company's market capitalization.

As the financing is below $0.05, the Company is relying on the minimum pricing exemption provided by the Exchange and is providing a brief description on the use of proceeds being raised. The proceeds will be used for ongoing working capital.

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.

www.TrustBIX.com

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/232708

FAQ

What is the price per share for TrustBIX (TBIX) private placement announced on December 5, 2024?

The price per share for the private placement is $0.02 per common share.

How much did TrustBIX (TBIX) raise in the initial tranche of its private placement?

TrustBIX raised $55,800 through the issuance of 2,790,000 common shares in the initial tranche.

What is the total amount TrustBIX (TBIX) aims to raise in this private placement?

TrustBIX aims to raise up to $100,000 through the issuance of up to 5,000,000 common shares.

How many shares did TrustBIX (TBIX) insiders purchase in the private placement?

Company insiders, including a director and an officer, purchased 640,000 common shares for $12,800.