Abaxx Technologies Inc., (CBOE: ABXX) (OTCQX: ABXXF)
(“
Abaxx” or the “
Company”), a
financial software and market infrastructure company, indirect
majority shareholder of Abaxx Singapore Pte Ltd.
(“
Abaxx Singapore”), the owner of
Abaxx Commodity Exchange and Clearinghouse (individually,
“
Abaxx Exchange” and “
Abaxx
Clearing”), and producer of the SmarterMarkets™ Podcast,
today announces that it has filed an early warning report in
respect of MineHub Technologies Inc. (“
MineHub”).
On August 23, 2024, pursuant to a share exchange
agreement (“SEA”) between Abaxx and MineHub dated
July 31, 2024, Abaxx completed a first tranche closing (the
“First Tranche Closing”) and acquired 4,166,677
common shares of MineHub (the “MineHub Shares”)
and 8,333,333 common share purchase warrants of MineHub (the
“Warrants”). Each Warrant entitles Abaxx to
acquire one common share of MineHub (a “Warrant
Share”) at a price of $0.35 per Warrant Share until
November 15, 2024.
Immediately prior to the First Tranche Closing,
Abaxx did not hold any MineHub Shares. Immediately after the First
Tranche Closing, Abaxx acquired 4,166,667 Minehub Shares and
8,333,333 Warrants, representing 5.76% of the issued and
outstanding MineHub Shares on an undiluted basis and 15.5% of the
MineHub Shares on a partially diluted basis (assuming the exercise
of the 8,333,333 Warrants). The MineHub shares held by Abaxx are
for investment purposes.
In accordance with applicable securities laws,
Abaxx may, from time to time and at any time, acquire additional
shares and/or other equity, debt or other securities or instruments
of MineHub in the open market or otherwise, and reserves the right
to dispose of any or all of such securities in the open market or
otherwise at any time and from time to time, and to engage in
similar transactions with respect to such securities, the whole
depending on market conditions, the business and prospects of
MineHub and other relevant factors.
This disclosure is issued pursuant to National
Instrument 62-103 - The Early Warning System and Related
Take-Over Bid and Insider Reporting Issues, which also requires an
early warning report to be filed with the applicable securities
regulators containing additional information with respect to the
foregoing matters. A copy of the early warning report will be filed
by Abaxx under MineHub’s profile on SEDAR+ at www.sedarplus.com or
may be obtained at Abaxx’s head office address at 110 Young St.,
Suite 1601, Toronto, Ontario M5C 1T4.
The MineHub Shares are listed on the TSX Venture
Exchange under the symbol “MHUB”. MineHub is a corporation existing
under the laws of British Columbia with its head office at Suite
918 - 1030 West Georgia St., Vancouver, British Columbia, V6E 2Y3,
Canada.
About Abaxx
TechnologiesAbaxx is building Smarter Markets —
markets empowered by better financial technology and market
infrastructure to address our biggest challenges, including the
energy transition. In addition to developing and deploying
financial technologies that make communication, trade, and
transactions easier and more secure, Abaxx is an indirect
majority-owner of subsidiaries Abaxx Exchange and Abaxx Clearing,
recognized by MAS as a “recognised market operator” (RMO) and
“approved clearing house” (ACH), respectively.
Abaxx Exchange and Abaxx Clearing are a
Singapore-based commodity futures exchange and clearinghouse,
introducing centrally cleared, physically deliverable commodities
futures and derivatives to provide better price discovery and risk
management tools for the commodities critical to our transition to
a lower-carbon economy.
For more information please visit abaxx.tech,
abaxx.exchange and smartermarkets.media.
Media and investor
inquiries:
Abaxx Technologies Inc. Investor Relations Team Tel: +1 246 271
0082E-mail: ir@abaxx.tech
Cautionary Statement Regarding Forward-Looking
Information
This press release includes certain
“forward-looking statements” which do not consist of historical
facts. Forward-looking statements include estimates and statements
that describe Abaxx’s future plans, objectives, or goals, including
words to the effect that Abaxx expects a stated condition or result
to occur. Forward-looking statements may be identified by such
terms as “seeking”, “should”, “intend”, “predict”, “potential”,
“believes”, “anticipates”, “expects”, “estimates”, “may”, “could”,
“would”, “will”, “continue”, “plan” or the negative of these terms
and similar expressions. Since forward-looking statements are based
on current expectations and assumptions and address future events
and conditions, by their very nature they involve inherent risks
and uncertainties. Although these statements are based on
information currently available to Abaxx, Abaxx does not provide
any assurance that actual results will meet respective management
expectations. Risks, uncertainties, assumptions, and other factors
involved with forward-looking information could cause actual
events, results, performance, prospects, and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Forward-looking information related to
Abaxx in this press release includes but is not limited to, Abaxx’s
objectives, goals, and future plans.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions including material
estimates and assumptions related to the factors set forth below
that, while considered reasonable by Abaxx as at the date of this
press release in light of management’s experience and perception of
current conditions and expected developments, are inherently
subject to significant business, economic and competitive
uncertainties and contingencies. Such factors impacting
forward-looking information include, among others: risks relating
to the global economic climate and extreme weather events;
dilution; Abaxx’s limited operating history; future capital needs
and uncertainty of additional financing; the competitive nature of
the industry; currency exchange risks; the need for Abaxx to manage
its planned growth and expansion; the effects of product
development and need for continued technology change; protection of
proprietary rights; the effect of government regulation and
compliance on Abaxx and the industry; regulatory risks in Singapore
and Canada; the ability to list Abaxx’s securities on stock
exchanges in a timely fashion or at all; network security risks;
the ability of Abaxx to maintain properly working systems; reliance
on key personnel; global economic and financial market
deterioration impeding access to capital or increasing the cost of
capital; taxation; resource shortages; damage to the Company’s
reputation due to the actual or perceived occurrence of any number
of events, including negative publicity with respect to the
Company’s operations, whether true or not; risk of loss due to acts
of war, terrorism, sabotage and civil disturbances; the impact of
inflation, including global energy cost increases; and volatile
securities markets impacting security pricing unrelated to
operating performance. In addition, particular factors which could
impact future results of the business of Abaxx include but are not
limited to: operations in foreign jurisdictions, protection of
intellectual property rights, contractual risk, third-party risk;
clearinghouse risk, malicious actor risks, third-party software
license risk, system failure risk, risk of technological change;
dependence of technical infrastructure; changes in the price of
commodities, capital market conditions and restriction on labor and
international travel and supply chains. Abaxx has also assumed that
no significant events occur outside of Abaxx’s normal course of
business.
Abaxx cautions that the foregoing list of
material factors is not exhaustive. In addition, although Abaxx has
attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause
results not to be as anticipated, estimated, or intended. When
relying on forward-looking statements and information to make
decisions, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events.
Readers are cautioned that forward-looking statements are not
guarantees of future performance. Abaxx has assumed that the
material factors referred to in the previous paragraphs will not
cause such forward-looking statements and information to differ
materially from actual results or events. However, the list of
these factors is not exhaustive and is subject to change and there
can be no assurance that such assumptions will reflect the actual
outcome of such items or factors. The forward-looking statements
and information contained in this press release represents the
expectations of Abaxx as of the date of this press release and,
accordingly, is subject to change after such date. Abaxx undertakes
no obligation to update or revise any forward-looking statements
and information, whether as a result of new information, future
events or otherwise, except as required by law. Accordingly,
readers are cautioned not to place undue reliance on these
forward-looking statements and information. Cboe Canada does not
accept responsibility for the adequacy or accuracy of this press
release.
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