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TrustBIX Inc. Announces TSX Venture Exchange Approval for Fourth and Final Tranche of Previously Announced Private Placement
Edmonton, Alberta--(Newsfile Corp. - March 22, 2023) - TrustBIX Inc. (TSXV: TBIX) (OTCQB: TBIXF)&...
About this update from Trustbix, Inc.
[{"type":"text","content":"TrustBIX Inc. Announces TSX Venture Exchange Approval for Fourth and Final Tranche of Previously Announced Private PlacementEdmonton, Alberta--(Newsfile Corp. - March 22, 2023) - TrustBIX Inc. (TSXV: TBIX) (OTCQB: TBIXF) (\"TrustBIX\" or the \"Company\") is pleased to announce receipt from the TSX Venture Exchange for the fourth and final tranche (the \"Fourth Tranche\") of the non-brokered private placement financing (\"Private Placement\") announced on January 31, 2023 for up to 14,285,714 common shares and upsized on March 1, 2023 to 28,571,428 common shares in the capital of the Company (\"Common Shares\") at a price of $0.035 per Common Share for gross proceeds of up to $1,000,000.In connection with the Fourth Tranche, TrustBIX has closed subscriptions of 8,438,856 Common Shares for gross proceeds of $295,360 which is in addition to the prior closings of the initial three tranches for $517,323. In total for this Private Placement, TrustBIX closed subscriptions of 23,219,499 Common Shares for gross proceeds of $812,682.TrustBIX Inc. conducted the Placement under various prospectus exemptions (\"Exemptions\") in accordance with National Instrument 45-106, Prospectus Exemptions. Certain insiders of the Company participated in the Offering for an aggregate total of $40,172 in Private Placement. The participation in the private placement by executive officers of TrustBIX may be considered a \"related party transaction\" (the \"Related Party\") as defined under Multilateral Instrument 61-101 (\"MI 61-101\"). TrustBIX has determined that exemptions from the formal valuation and minority shareholder approval requirements under MI 61-101 are available. In particular, TrustBIX has determined 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 Party does 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, regarding the minority shareholder approval exemptions, the independent directors have determined that the exemptions set out in paragraphs (1)(a) and (b) in section 5.7 of MI 61-101 are applicable in that the aggregate consideration to be paid by the Related Party does not exceed 25% of the market capitalizat...