Deal funds making of composite pallet inventory; units sold at C$0.075
By Devika Patel
Knoxville, Tenn., March 26 – Axios Mobile Assets Corp. said it has completed a C$5.25 million private placement of units. Primary Capital Inc. was the lead agent.
The company sold 70 million units of one common share and one warrant at C$0.075 per unit. The warrants are each exercisable at C$0.15 until March 25, 2017. The strike price is a 21.05% discount to the March 26 closing share price of C$0.19.
Proceeds will be used to manufacture composite pallet inventory, for logistics costs, working capital and general corporate purposes.
“The money raised from this financing will enable Axios to increase production of pallet inventory to support the expansion and backlog of our pallet pooling and logistics operations and as we continue to roll out our pallet and technology platform through the United States grocery market,” chief executive officer Richard MacDonald said in a press release.
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$5.25 million
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| Units: | 70 million
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| Price: | C$0.075
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| Warrants: | One warrant per unit
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| Warrant expiration: | March 25, 2017
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| Warrant strike price: | C$0.15
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| Agent: | Primary Capital Inc. (lead)
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| Co-manager: | Jacob Securities Inc.
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| Settlement date: | March 26
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| Stock symbol: | CNSX: AXA
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| Stock price: | C$0.19 at close March 25
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| Market capitalization: | C$22.58 million
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