On May 14, 2021 Abaxx Technologies Inc. (“Abaxx” or the “Company”) announced that it had closed its previously announced bought deal financing (the “Offering”). The Company issued a total of 6,506,585 units (the “Units”) on a bought deal basis, at an offering price of C$3.80 per Unit (the “Offering Price”), which includes 848,685 Units issued pursuant to the exercise of an over-allotment option, in full, for gross proceeds of approximately C$24.72 million. Each Unit consists of one common share (a “Common Share”) in the capital of the Company and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share at a price of C$5.10 for a period of 24 months following the closing of the Offering.

The Company intends to use the net proceeds of the Offering towards its Singapore clearinghouse and exchange operations, including obtaining regulatory approval from the Monetary Authority of Singapore, and for general corporate and working capital purposes.

Abaxx is a development stage financial software company that has created proprietary technological infrastructure for both global commodity exchanges and the digital marketplace. The company’s formative technology increases transaction velocity, data security, and facilitates improved risk management for the majority owned, Abaxx Singapore Pte. Ltd. (“ACX”, “Abaxx Commodity Exchange”, or “Abaxx.Exchange”) – a commodity futures exchange that is seeking final regulatory approvals as a Recognized Market Operator (“RMO”) and Approved Clearing House (“ACH”) with the Monetary Authority of Singapore (“MAS”). Abaxx is the creator and producer of the SmarterMarkets™ podcast.

Peterson McVicar LLP acted for Abaxx Technologies Inc. with a team that included Dennis Peterson, Jonathan Clark and David Pak.