DelphX Closes Over-Subscribed Non-Brokered Unit Financing

About this update from Delphx Capital Markets, Inc.

[{"type":"text","content":"DelphX Closes Over-Subscribed Non-Brokered Unit FinancingToronto, Ontario--(Newsfile Corp. - April 14, 2021) - DelphX Capital Markets Inc. (TSXV: DELX) (\"DelphX\") announced today that it has closed its previously announced private placement (the \"Offering\") of 5,700,000 units (the \"Units\") at a subscription price of C$0.10 per Unit, for gross proceeds of C$570,000. Each Unit consists of one common share (\"Common Share\") of DelphX and one share purchase warrant (\"Warrant\"). Each Warrant entitles the holder to purchase one Common Share at a price of $0.15, for a period of 5 years from the date of issue.Insiders participated in the Offering subscribing for 1,600,000 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\"). 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 $21,000 and issue 210,000 finders' warrants (the \"Finders' Warrants\"). The Finders' Warrants will be exercisable at $0.10 each for a period of 5 years after issuance.Completion of the Offering is subject to the final approval of the TSXV. The securities issued pursuant to the Offering are subject to a hold period of four months and a day from the date of closing.The funding is expected to be adequate to complete the final steps for the launch of the Company's industry-first Covered Put Options (CPOs) and Covered Reference Notes (CRNs). Operational UpdateManagement is also pleased to announce additional corporate measures as part of a long-term strategic plan to build shareholder value. In order to increase the existing shareholder base and trading volume, Delph...

More updates from Delphx Capital Markets, Inc.