Non-brokered deal at C$0.90 per unit funds demand for logistics system
By Devika Patel
Knoxville, Tenn., Nov. 24 – Axios Mobile Assets Corp. said it will raise between C$13 million and C$18 million in a non-brokered private placement of units.
The company will sell units of one common share and one warrant at C$0.90 per unit.
Each whole warrant is exercisable at C$1.50 for three years. The strike price is a 37.62% premium to the Nov. 23 closing share price of C$1.09.
Settlement is expected in late December.
Proceeds will be used to meet rising demand for the company’s pallet-based logistics system and for general working capital purposes.
Vaughn, Ont.-based Axios is a logistics enabler. The Axios bundled offering provides the customer with efficiencies in total cost of ownership, useful life, customized configurations, and a revenue stream through carbon credit generation, monitoring and the monetizing of carbon emissions reductions.
| Issuer: | Axios Mobile Assets Corp.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$13 million (minimum), C$18 million (maximum)
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| Price: | C$0.90
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| Warrants: | One warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | C$1.50
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| Agent: | Non-brokered
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| Pricing date: | Nov. 24
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| Stock symbol: | CNSX: AXA
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| Stock price: | C$1.09 at close Nov. 23
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