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TRUSTBIX INC. Announces Final Exchange Acceptance and Completion of Previously Announced Private Placement
Edmonton, Alberta--(Newsfile Corp. - April 5, 2022) - TrustBIX Inc. (TSXV: TBIX) (OTCQB: TBIXF...
About this update from Trustbix, Inc.
[{"type":"text","content":"TRUSTBIX INC. Announces Final Exchange Acceptance and Completion of Previously Announced Private PlacementEdmonton, Alberta--(Newsfile Corp. - April 5, 2022) - TrustBIX Inc. (TSXV: TBIX) (OTCQB: TBIXF) (\"TrustBIX\" or the \"Company\") is pleased to announce receipt of final acceptance from the TSX Venture Exchange of the private placement previously announced on February 2, 2022 (\"Private Placement\") and will close the final tranche of the Private Placement of 4,848,889 units (\"Units\") at a price of $0.18 per Unit for gross proceeds of $872,800. As announced on March 14, 2022, TrustBIX closed on the first tranche of 1,475,445 Units for gross proceeds of $265,580, resulting in a total of 6,324,334 Units for gross proceeds of $1,138,380.Each Unit is comprised of one (1) common share in the capital of TrustBIX (\"Common Share\") and one (1) Common Share purchase warrant (\"Warrant\"), whereby each Warrant entitles the holder to purchase one (1) Common Share at a price of $0.30 for a period of eighteen (18) months from the date of closing. If after four (4) months plus one day after closing, the closing price of the Common Shares on the principal market on which such shares trade is equal to or exceeds $0.50 per Common Share for twenty (20) consecutive trading days, TrustBIX will have the right to accelerate the expiry date of the Warrants.In the event of acceleration, the expiry date will be accelerated to a date that is thirty (30) days after the date that written notice has been given to the warrant holder or the date that TrustBIX has issued a press release announcing the exercise of the acceleration right; and thereafter, no further notification will be provided by TrustBIX to the subscribers. The securities issued under the Private Placement are subject to a four-month plus one day hold period from the time of closing of the Private Placement, as applicable.The net proceeds from the Private Placement will be used for the growth of newly acquired Insight Global Technology Inc. and general working capital. Hubert Lau, CEO of TrustBIX, said, \"With this funding, we are fueled to grow the Insight line of products.\"About TrustBIX (TSXV: TBIX) (OTCQB: TBIXF)As an innovative leader, TrustBIX provides agri-food traceability and chain of custody value solutions. The Company's goal is to create a world where we trust mor...