TechX Technologies Inc.(CSE:TECX) (OTCMKTS:TECXF) (FRA:C0B1) said it has closed a fully-subscribed non-brokered private placement financing for total gross proceeds of $10 million.
The company, which is focused in emerging technologies across growth sectors including crypto, blockchain, AI and cloud technologies, said it will use the proceeds from the private placement to fund operational expenditures of its subsidiaries, to evaluate further strategic acquisitions, and for general working capital purposes.
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TechX Technologies said it has allotted and issued 20,000,000 units at a price of $0.50 per unit under the offering. Each unit is comprised of one common share and one-half of one transferable warrant. Each whole warrant will entitle the holder to purchase one additional common share for a period of sixty months at a price of $1.00 per share, subject to an accelerated expiry.
All securities issued in the offering are subject to a four-month-and-one-day hold period expiring on August 14, 2021.
In relation to the private placement, the company said it has paid finder's fees of $175,500 and issued 351,000 finder's warrants to arm's-length parties. Each finder's warrant is exercisable into a common share for a period of sixty months at a price of $1.00 per share, subject to the same accelerated expiry.
TechX Technologies also announced that it has engaged Market IQ Media Group (MIQ) for a 6-month digital advertising campaign in connection with the company's ongoing effort to increase awareness. This comprehensive advertising program is designed to build brand familiarity, general recognition, and awareness within online investor content platforms.
MIQ will employ state of the art digital advertising, paid distribution, media buying and content creation to execute this important initiative. Under the terms of this agreement, MIQ will provide a combination of strategic digital media services, marketing co-ordination, content production, and data analytics services for a total payment value of C$200,000 amortized over the 6-month duration of the agreement.
TechX Technologies invests in and provides subject matter experts within portfolio companies to accelerate success and maximize value for shareholders.
Contact the author at jon.hopkins@proactiveinvestors.com