Banxa Holdings Inc announced that it has closed on a C$3.5 million funding package from Lind Global Fund II LP.
The fund is an entity managed by The Lind Partners, LLC, a New York-based institutional fund manager.
Under the funding agreement, Lind advanced the $3.5 million to Banxa in consideration for the issuance of an uncertificated convertible security in the same amount, and having an aggregate face value of C$4.2 million.
READ: Banxa secures $3.5M cornerstone investment from Lind to bolster its balance sheet
Banxa issued 2,673,228 warrants to Lind, which are exercisable for 24 months from the date of issue at an exercise price of C$1.27 per share.
Holger Arians, CEO of Banxa, commented: "We highly appreciate the confidence demonstrated by Lind since 2020 and we are excited about the opportunity this growth capital affords Banxa.
“Upon closing, Banxa will have over A$12 million in cash and equivalents giving us well over 12 months of operational cash runway based on our current transaction volumes. We also have a clear line to profitability in the current financial year and we are confident of weathering the current crypto winter like we have done over the past eight years."
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