TrustBIX Inc. Announces Upsizing of Previously Announced Private Placement to $2,000,000 with Insiders Participation

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[{"type":"text","content":"TrustBIX Inc. Announces Upsizing of Previously Announced Private Placement to $2,000,000 with Insiders ParticipationEdmonton, Alberta--(Newsfile Corp. - January 15, 2021) - TrustBIX Inc. (TSXV: TBIX) (\"TrustBIX\") is pleased to announce that due to strong investor demand it has increased the size of the previously announced non-brokered private placement offering of units (\"Units\") to $2,000,000, or up to 10,000,000 Units, at a price of $0.20 per Unit, 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.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, 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 consid...

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