BANXA Holdings Inc (TSX-V:BNXA, OTCQX:BNXAF) announced that it has raised C$1.75 million under the first tranche of its non-brokered private placement through the sale of convertible debenture units of the company.
The convertible debenture units comprised unsecured convertible debentures in the principal amount of C$1.75 million and 875,000 share purchase warrants exercisable into a share at C$1 for a period of 36 months from the date of issuance.
The proceeds from the private placement will be used to repay senior secured debt and for general working capital purposes.
Further, the company announced that it has made changes to its board of directors to better position the company for its next growth state.
Chairman Domenic Carosa is retiring after a 10-year tenure and has resigned immediately from the board.
Banxa CEO Holger Arians has been appointed to the board and will take on the role of director and chairman of the board.
Non-executive director Matthew Cain has also decided to retire and has stepped down from the board effective immediately.
Leigh Travers will join the board as a non-executive director as a representative of Dominant Digital Investments, a company associated with outgoing chairman Domenic Carosa that currently holds 13.5% of Banxa’s outstanding shares.
He brings experience across both executive and board positions, including at the first publicly-listed cryptocurrency firm on the Australian Securities Exchange, and in the US payments industry and cross-border payments, Banxa noted.
"I want to express my gratitude to Domenic for his invaluable contributions to Banxa's journey thus far,” CEO Arians said in a statement.
“I am also pleased to welcome Leigh Travers, who brings a wealth of crypto and public company experience to our board. As chairman and CEO, my priorities are crystal clear: to accelerate value creation at Banxa, delivering strong financial results and enabling the embedded crypto future.”
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