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OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION
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VANCOUVER, BC, March 17, 2021
/CNW/ - Banxa Holdings Inc. (TSXV: BNXA) (OTCQX: BNXAF) (FSE:
AC00) (the "Company" or "Banxa") is pleased to announce that it has
increased the size of its previously announced best efforts private
placement with Stifel GMP and Eight Capital, where the Company
shall be offering for sale Units of the Company at a price
C$4.00 per Unit (the "Units")
for aggregate gross proceeds to the Company to approximately
C$13,000,000 (the "Offering").
Each Unit will consist of one common share in the capital of the
Corporation (each, a "Common Share") and one-half common share
purchase warrant (each whole common share purchase warrant, a
"Warrant") of the Corporation. Each whole Warrant shall
entitle the holder thereof to acquire one common share in the
capital of the Corporation (each, a "Warrant Share") at a price of
C$8.50 per Warrant Share, until the
date which is 42 months following the Closing Date, subject to
adjustment in certain events. All securities issued in connection
with the Offering will be subject to a four-month and one day hold
period under applicable securities legislation.
The Company will grant the Agents an option (the "Agent's
Option") to increase the size of the Offering by up to an
additional 15% of the Units sold under the Offering, exercisable in
whole or in part, at any time and from time to time up to 48 hours
prior to the Closing Date. If the full amount of the Agent's Option
is exercised, the aggregate gross proceeds of the offering will be
approximately C$15,000,000.
The net proceeds from the Offering will be used for general
corporate purposes.
The Offering is scheduled to close on or about April 8, 2021 and is subject to certain
conditions including, but not limited to, the receipt of all
necessary regulatory and other approvals, including the approval of
the TSX Venture Exchange.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act"), or
any state securities laws and may not be offered or sold within
the United States or to or for the
account or benefit of a U.S. person (as defined in Regulation S
under the U.S. Securities Act) unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
Domenic Carosa
Chairman (+1-888-218-6863)
About BANXA
BANXA (TSX-V:BNXA - Banxa Holdings
Inc.) is a Payment Service Provider (PSP) with a mission
to build the bridge between traditional financial systems,
regulation and the digital asset space. Our goal is to onboard the
general public to digital currency by building a fully compliant
payment infrastructure that enables simple and secure conversion of
fiat currency to digital currency. (USD/CAD to BTC/ETH) Banxa
has offices in Australia and the Netherlands. For further information go
to www.banxa.com
This news release may contain "forward-looking statements"
within the meaning of applicable Canadian securities laws.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
management, are inherently subject to significant business,
economic and competitive uncertainties, and contingencies. These
statements generally can be identified by the use of
forward-looking words such as "may", "should", "will", "could",
"intend", "estimate", "plan", "anticipate", "expect", "believe" or
"continue", or the negative thereof or similar variations.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause future results,
performance or achievements to be materially different from the
estimated future results, performance or achievements expressed or
implied by those forward-looking statements and the forward-looking
statements are not guarantees of future
performance. BANXA's statements expressed or implied by
these forward-looking statements are subject to a number of risks,
uncertainties, and conditions, many of which are outside
of BANXA's control, and undue reliance should not be
placed on such statements. Forward-looking statements are qualified
in their entirety by the inherent risks and uncertainties of the
Company's business, including: BANXA's assumptions in
making forward-looking statements may prove to be incorrect;
adverse market conditions, including risks related to COVID-19 and
risks that future results may vary from historical results. Except
as required by securities law, BANXA does not assume any
obligation to update or revise any forward-looking statements,
whether as a result of new information, events or
otherwise.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Banxa Holdings Inc.