Peterson McVicar acts for Abaxx in Proposed Reverse Take-Over with New Millennium, Closing of $5.1 Million Private Placement and Conditional Approval of Early Conversion of $3.25 Million in C
On September 18, 2020, New Millennium Iron Corp. (“NML”) announced that it had arrived at an agreement with Abaxx Technologies Inc. (“Abaxx”) to enter into a business combination agreement (the “Agreement”). Under the terms of the Agreement, NML and Abaxx will effect a transaction that will result in a reverse takeover of NML by the shareholders of Abaxx, to ultimately form the resulting issuer.
On September 11, 2020, Abaxx completed the final tranche of a non-brokered private placement of 6,484,020 common shares (“Common Share”) at a price of $0.80 per Common Share for gross proceeds of $5,187,216.
Abaxx has also received conditional approval of early conversion of $3.25 Million in outstanding convertible debentures held by Joshua Crumb and Robert Friedland upon closing of a going public transaction, as indicated above.
Abaxx Technologies Inc. is a private, development stage financial technology business developing software tools which enable commodity traders and finance professionals to communicate, trade and transact faster and more securely. The company was founded to capitalize on opportunities emerging from the growth and electrification of the Asian economies and the global transition from Oil and Coal to Natural Gas and Renewables. A dimension of this generational transition is the demand for Environmental, Social and Governance (ESG) considerations for which the Abaxx technologies are ideally suited. Abaxx Singapore Pte. Ltd., a majority owned subsidiary, leverages these tools and new benchmarks for commodity traders to improve risk management by reinforcing trust and security in metals and energy markets. Symbiotically, the organization improves transactional transparency and execution velocity reducing friction throughout the global Commodity Finance Infrastructure. On September 7, 2020, ACX received approval-in-principal to become a registered market operator under the Monetary Authority of Singapore.
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