Base Carbon Corp., Announces a $50 Million Brokered PP Fin. NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
TORONTO, Nov. 05, 2021 (GLOBE NEWSWIRE) -- Abaxx Technologies Inc., (NEO:ABXX) (OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial technology company, majority shareholder of Abaxx Singapore Pte. Ltd., the Abaxx Commodity Exchange, and producer of the SmarterMarkets™ Podcast, is announcing that its spin-out affiliate company, Base Carbon Corp. has commenced a brokered private placement financing led by BMO Nesbitt Burns and Raymond James Ltd.
Abaxx affiliate company, Base Carbon Corp., announces today that it has entered into an agreement to undertake a best-efforts private placement offering of common shares which is being co-led by BMO Capital Markets and Raymond James Ltd. and involving a syndicate of additional agents. Base Carbon Corp. is targeting gross financing proceeds of CAD$50,000,000. The offering price will be determined between Base Carbon Corp. and the agents in the context of the market. At this time and prior to the proposed financing, Abaxx owns 21.5mm shares of approximately 72mm issued and outstanding shares of Base Carbon Corp.
The net proceeds from the targeted Base Carbon Corp. financing will be used for investment in carbon offset projects, a staged equity investment in carbon project developer, originator and advisory firm, Hardwick Climate Business Limited (“HCBL”), working capital and general corporate purposes.
Abaxx Technologies has entered into a licensing agreement with Base Carbon Corp. to support technological software development in exchange for a royalty and equity consideration.
https://www.globenewswire.com/news-release/2021/11/05/2328630/0/en/Abaxx-Technologies-Affiliated-Company-Base-Carbon-Corp-Announces-a-50-Million-Brokered-Private-Placement-Financing.html