MineHub Announces Closing of Second Tranche in Strategic Partnership with Abaxx Technologies
Vancouver, B.C., September 9, 2024. MineHub Technologies Inc. (TSXV: MHUB, OTCQB: MHUBF) (“MineHub” or the “Company”) is pleased to announce that, further to its news releases dated August 1, 2024 and August 23, 2024, the Company completed the second tranche closing (the “Second Tranche Closing”) of its strategic partnership with Abaxx Technologies Inc. (Cboe: ABXX,OTCQX:ABXXF) (“Abaxx”), pursuant to which MineHub received shares of Abaxx (the “Abaxx Shares”) in exchange for the issuance of common shares in MineHub (the “MineHub Shares”) to Abaxx.
Under the Second Tranche Closing, MineHub received 109,583 Abaxx Shares in exchange for the issuance of 4,166,666 MineHub Shares to Abaxx at a deemed price of C$0.30 per MineHub Share. MineHub received the Abaxx Shares under Abaxx’s prospectus supplement dated August 22, 2024 and accordingly the Abaxx Shares do not have a hold period under securities laws. The MineHub Shares issued to Abaxx bear a hold period of four months and a day from the Second Tranche Closing.
Haywood Securities Inc. (the “Advisor”) acted as financial advisor to MineHub. In connection with the transaction, MineHub issued 481,975 common shares of MineHub to the Advisor at a deemed price of C$0.30 per common share (the “Advisor Shares”) for acting as financial advisor to MineHub. The Advisor Shares bear a hold period expiring four months and a day from the Second Tranche Closing date.
About MineHub
MineHub is the digital supply chain platform for the commodity markets, making raw material supply chains more efficient, resilient and sustainable. MineHub provides enterprise-grade digital solutions that connect buyers, sellers, laboratories and financiers within physical commodities supply chains in a digitally integrated workflow powered by data that is useable, shareable, verifiable and unforgeable. Users of MineHub solutions are in full control of their supply chains, enabling them to optimize their use of resources, respond better and faster to disruptions, and provide a better customer service. Global enterprises already use MineHub solutions as part of their logistics, compliance, trade management and financing operations.
For further information regarding MineHub, please email info@minehub.com or visit our website at www.minehub.com.
Andrea Aranguren
President, CEO & Director, MineHub Technologies Inc.
Tel: (604) 628-5623
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements that are considered “forward-looking information” within the meaning of applicable Canadian securities legislation (“forward-looking statements”) with respect to MineHub including, but not limited to, statements with respect to MineHub’s future operational plans, the timing of such plans and anticipated customers. Forward-looking statements are statements that are not historical facts are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although MineHub believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company’s ability to raise sufficient capital to fund its operations, applications and for general working capital purposes, changes in economic conditions or financial markets, changes in laws or regulations that could have an impact on the Company’s operations, dependence on its key management personnel and market competition. Other risk factors are identified in the Company’s prospectus dated August 18, 2021, available on the Company’s SEDAR profile at www.sedar.com. There may be other risk factors not presently known that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. The forward-looking information is made as of the date included herein. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of MineHub’s management on the date the statements are made. However, except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors should change.
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