TORONTO, Sept. 27, 2023 (GLOBE NEWSWIRE) -- Banxa Holdings Inc. (TSXV: BNXA) (OTCQX: BNXAF) (FSE: AC00) ("Banxa'' or the "Company") today provides shareholders an update on the TIGA Trading Pty Ltd (‘Thorney’s Technology Fund’) working capital facility. The facility will support Banxa’s growing transaction volumes which require increased working capital to fulfil orders, especially where some settlements from payment service providers are delayed by up to four days.
Thorney’s Technology Fund
- The Company's wholly owned subsidiary, BTC Corporation Pty Ltd. ("BTC") has extended the maturity date of its unsecured loan of AUD $2,000,000 from Thorney’s Technology Fund (the "Lender"), an arm’s length party (the "Original Loan"). The maturity date of the Original Loan was previously extended from April 20, 2023 to August 20, 2023 (the "Maturity Date"). The Company did not issue any common share purchase warrants to the Lender in connection with the Original Loan.
- The Maturity Date has been extended by four and a half months to January 17, 2024 (the “Loan Extension”) on the same terms as the Original Loan. Subject to the approval of the TSX Venture Exchange, the Company intends to issue 600,000 common share purchase warrants (the “Bonus Warrants”) to the Lender in consideration for agreeing to the Loan Extension. Each Bonus Warrant will be exercisable at an exercise price equal to the Market Price (as defined by the TSX Venture Exchange policies) on the day the extended Term is announced with an expiry of 12 months from the date of issue.
- All securities issued in connection with the Loan Extension will be subject to a four-month hold period, which will expire on the date that is four months and one day from the date of issue.
CONTACTS
Investors:
Zafer Qureshi
investors@banxa.com
Media:
Wachsman
Ethan Lyle
banxa@wachsman.com
ENDS
ON BEHALF OF THE BOARD OF DIRECTORS
Per: "Zafer Qureshi”
Zafer Qureshi = Director and Head, Corporate Affairs, +1 416-347-4192
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This press release contains statements including “forward-looking information” (“Forward-looking statements”). Forward-looking statements in this news release include statements regarding the date of the Meeting. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will hold the Meeting on the expected date. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks may include, among others that the Company will hold the Meeting on the expected date. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
