DelphX Announces Closing of $660,200 Non-Brokered Unit Financing

About this update from Delphx Capital Markets, Inc.

[{"type":"text","content":"DelphX Announces Closing of $660,200 Non-Brokered Unit FinancingToronto, Ontario--(Newsfile Corp. - March 3, 2023) - DelphX Capital Markets Inc. (TSXV: DELX) (OTCQB: DPXCF) (\"DelphX\"), a leader in the development of new classes of structured products for the fixed income market, announced that it has closed its previously announced private placement, issuing 5,501,666 units (the \"Units\") at a subscription price of C$0.12 per Unit, for gross proceeds of C$660,200 (the \"Offering\"). Each Unit consists of one common share (\"Common Share\") and one Common Share purchase warrant (\"Warrant\"). Each Warrant entitles the holder to purchase one Common Share at a price of $0.20, for a period of two years from the date of issuance.This private placement is the completion of the proposed private placement initially announced by DelphX in its news release of February 22, 2023 and updated in its news release of February 23, 2023, which all relate to one private placement.Insiders participated in the Offering subscribing for 1,700,000 Units, and as a result the Offering is considered a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") and TSXV Policy 5.9 - Protection of Minority Security Holders in Special Transactions. However. DelphX has relied on the exemptions from the formal valuation and minority approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation, as neither the fair market value of the securities issued to insiders nor the cash consideration paid for such securities exceeded 25% of DelphX's market capitalization. A material change report was not filed more than 21 days prior to closing of the Offering as the participation of insiders in the Offering and the extent of such participation was not finalized until shortly prior to the completion of the Offering.In connection with the Offering, DelphX will pay cash finder's fees of $18,000 and issue 150,000 finders' warrants (the \"Finders' Warrants\") to AlphaNorth Asset Management, an eligible finder. The Finders' Warrants will be exercisable at CAD$0.20 each for a period of two years after issuance.Completion of the Offering is subject to the final approval of the TSX Venture Exchange. The s...

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