August 23, 2024 2:09 PM EDT | Source: MineHub Technologies Inc.
Vancouver, British Columbia–(Newsfile Corp. – August 23, 2024) – MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) (“MineHub” or the “Company“) is pleased to announce the closing of its strategic partnership with Abaxx Technologies Inc.(Cboe CA: ABXX) (OTCQX: ABXXF) (“Abaxx“), originally announced on August 1, 2024 under which MineHub would receive shares of Abaxx (the “Abaxx Shares“) in exchange for the issuance of common shares (the “MineHub Shares“) and common share purchase warrants (“MineHub Warrants“) to Abaxx.
Under the first tranche closing, the Company has received 109,584 Abaxx Shares in exchange for the issuance of 4,166,667 MineHub Shares at a deemed price of $0.30 per common share and 8,333,333 MineHub Warrants (reduced from 8,600,000 as disclosed in the August 1, 2024 press release) exercisable at $0.35 per MineHub Share expiring November 15, 2024.
MineHub received the Abaxx Shares under Abaxx’s prospectus supplement dated August 22, 2024 and accordingly such shares do not have a hold period under securities laws. The MineHub Shares and MineHub Warrants issued to Abaxx and any MineHub Shares issued upon exercise of the MineHub Warrants will bear a hold period of four months and a day from the closing date. The second tranche is expected to close by September 9, 2024.
About Abaxx
Abaxx 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 Pte. Ltd. and Abaxx Clearing Pte. Ltd., recognized by the Monetary Authority of Singapore as a “recognised market operator” (RMO) and “approved clearing house” (ACH), respectively.
Abaxx Exchange Pte. Ltd. and Abaxx Clearing Pte. Ltd. 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 about Abaxx, please visit abaxx.tech, abaxx.exchange and smartermarkets.media.
For more information about this press release, please contact:
Steve Fray, CFO
Tel: 416-786-4381
Media and investor inquiries:
Abaxx Technologies Inc.
Investor Relations Team
Tel: +1 246 271 0082
E-mail: ir@abaxx.tech
About MineHub
MineHub is the digital supply chain platform for the commodity markets, making raw material supply chains more efficient, resilient and sustainable. MineHub provides enterprise-grade digital solutions that connect buyers, sellers, laboratories and financiers within physical commodities supply chains in a digitally integrated workflow powered by data that is useable, shareable, verifiable and unforgeable. Users of MineHub solutions are in full control of their supply chains, enabling them to optimize their use of resources, respond better and faster to disruptions, and provide a better customer service. Global enterprises already use MineHub solutions as part of their logistics, compliance, trade management and financing operations.
Cautionary Note Regarding Forward-Looking Statements
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.
This joint news release contains statements that are considered “forward-looking information” within the meaning of applicable Canadian securities legislation (“forward-looking statements”) with respect to Abaxx and MineHub including, but not limited to, statements with respect to: Abaxx and MineHub’s future operational plans, benefits of the proposed strategic partnership, development and implementation of new products, anticipated timing and closing of the second tranche of the transaction, anticipated customers and impact of the strategic partnership on commodities markets. Forward-looking statements are statements that are not historical facts are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although MineHub and Abaxx believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the inability of Abaxx or MineHub to raise sufficient capital to fund their operations, applications and for general working capital purposes, changes in economic conditions or financial markets, changes in laws or regulations that could have an impact on Abaxx or MineHub’s operations, dependence on key management personnel, market competition, the need for Abaxx to manage its exchange and clearinghouse business and its planned growth and expansion, the effects of product development and need for continued technology change and the protection of proprietary rights. Other risk factors are identified in the most recent respective year-end and interim management discussion and analysis of each company, available on SEDAR+ profile at www.sedarplus.ca. There may be other risk factors not presently known that management of each of Abaxx and MineHub believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. Although Abaxx and MineHub have attempted to identify risk factors that could cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of Abaxx and MineHub. Accordingly, readers should not place undue reliance on forward-looking statements or information. The forward-looking information is made as of the date included herein, and Abaxx and MineHub assume no obligation to publicly update or revise such forward-looking information. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of MineHub and Abaxx’s management on the date the statements are made. However, except as required by law, Abaxx and MineHub undertake no obligation to update these forward-looking statements in the event that respective management’s beliefs, estimates or opinions, or other factors should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220971
SOURCE: MineHub Technologies Inc.
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