TrustBIX Inc. Announces Private Placement Financing and Insiders to Participate

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[{"type":"text","content":"TrustBIX Inc. Announces Private Placement Financing and Insiders to ParticipateEdmonton, Alberta--(Newsfile Corp. - January 14, 2021) - TrustBIX Inc. (TSXV: TBIX) (\"TrustBIX\") is pleased to announce that it intends to complete a non-brokered private placement (the \"Private Placement\") of up to 7,5000,000 units (\"Units\") at a price of $0.20 per Unit for gross proceeds of up to $1,500,000, subject to regulatory approval. 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 one (1) year from the date of closing. If 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. Certain insiders of TrustBIX will sell up to $500,000 in common shares from their personal holdings through the facilities of the TSX Venture Exchange and these insiders will use all of the net proceeds from the sale of these shares to purchase Units under the Private Placement.The issuance of Units to insiders pursuant to the Private Placement will constitute a \"related party transaction\" as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. In particular, TrustBIX anticipates that the exemptions set out in paragraphs (a) and (b) in section 5.5 of MI 61-101 are applicable since the aggregate consideration to be paid by the related parties will not exceed 25% of the market capitalization of TrustBIX and TrustBIX is not listed on the Toronto Stock Exchange, but only on the TSX Venture Exchange. In addition,...

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