Non-brokered deal at C$0.90 per unit funds demand for logistics system
By Devika Patel
Knoxville, Tenn., Dec. 21 – Axios Mobile Assets Corp. said it raised about C$13.43 million in net proceeds through a non-brokered private placement of units. The deal priced for between C$13 million and C$18 million on Nov. 24.
The company sold units of one common share and one warrant at C$0.90 per unit.
Each whole warrant is exercisable at C$1.50 until Dec. 21, 2018. The strike price is a 37.62% premium to the Nov. 23 closing share price of C$1.09.
The financing was led by Relay Ventures Fund III LP and Relay Ventures Parallel Fund III LP.
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.
|
| Issue: | Units of one common share and one warrant
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| Amount: | C$13.43 million (approximate)
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| Price: | C$0.90
|
| Warrants: | One warrant per unit
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| Warrant expiration: | Dec. 21, 2018
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| Warrant strike price: | C$1.50
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| Agent: | Non-brokered
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| Investors: | Relay Ventures Fund III LP and Relay Ventures Parallel Fund III LP (leads)
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| Pricing date: | Nov. 24
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| Settlement date: | Dec. 21
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| Stock symbol: | CNSX: AXA
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| Stock price: | C$1.09 at close Nov. 23
|
| Market capitalization: | C$21.26 million
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