Business
MineHub Announces $1.5 Million Private Placement
Vancouver, British Columbia--(Newsfile Corp. - September 19, 2023) - MineHub Technologies Inc. (...
About this update from Minehub Technologies, Inc.
[{"type":"text","content":"MineHub Announces $1.5 Million Private PlacementVancouver, British Columbia--(Newsfile Corp. - September 19, 2023) - MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) (\"MineHub\" or the \"Company\") is pleased to announce a non-brokered private placement (the \"Private Placement\") to raise total proceeds of up to C$1,500,000. The Private Placement will consist of 4,687,500 units at a price of $0.32 per unit (each a \"Unit\"). Each Unit is comprised of one common share of the Company and one-half of one transferable common share purchase warrant (each whole being a \"Warrant\"). Each Warrant entitles the holder to acquire one common share of the Company for a period of 2 years from closing at a price of $0.50.Andrea Aranguren, President & CEO at MineHub, said, \"With a growing network of over 100 companies currently using the platform, including market leaders such as Codelco, Southwire and Sumitomo Corporation, MineHub is rapidly advancing towards being the premier digital solution and the global leader in commodities supply chain management. We continue to benefit from increasing commercial traction and rapid adoption from large corporate customers. The virality effect of our hub-and-spoke model is exceeding our expectations, and we look forward to announcing new customer agreements in the near future. We are well on track to achieve and even surpass our revenue targets for the year. This financing will continue to fund the Company's growth, and we are fortunate to benefit from the support of key shareholders expected to participate in this financing who understand both the immediate and long-term upside potential of the Company and will help get us nearer to profitability. We look forward to rest of 2023 and 2024 as exciting and transformative years for the Company.\"Proceeds of the Private Placement will be used for general working capital purposes. The completion of the Private Placement is subject to approval of the TSX Venture Exchange (\"TSXV\"). All securities issued under the Private Placement will bear a hold period of four months and one day from the date of issuance. The Company will pay finder's fees in connection with Private Placement as permitted by applicable securities laws and the rules of the TSXV.Certain insiders of the Company may participate in Private Placement which participation will constitut...