New Millennium Announces Intention to List on the NEO Exchange on Completion of Abaxx Technologies Transaction
CALGARY, Alberta, Nov. 20, 2020 (GLOBE NEWSWIRE) -- New Millennium Iron Corp. (the “Company” or “NML”) (TSX: NML) is pleased to announce its intention to seek a
listing of the Company’s shares on the NEO Exchange (“NEO”) following completion of the previously announced reverse take-over (the “Transaction”) involving the
Company and Abaxx Technologies Inc. (“Abaxx”). Subject to the required regulatory approvals from the NEO, admission to NEO is expected to occur before the end of 2020. The Company
is not intending to raise capital in conjunction with the NEO admission. The NEO listing will only proceed on a post-Transaction basis. For more information on the Transaction, please see the
Company’s news release dated September 18, 2020.
The Transaction and related matters are being submitted to NML shareholders for approval at the shareholder meeting (the “Meeting”) to be held on November 23, 2020 (see the news release of NML dated November 2, 2020). Pursuant to the NEO listing application, NML wishes to advise shareholders that the business combination agreement dated September 18, 2020 entered into between NML and Abaxx in respect of the Transaction has been amended to provide that listing on NEO is an acceptable closing condition for the Transaction. Court approval for the Transaction is scheduled subsequent to the Meeting and further announcements will be made.
The Company intends to file an updated Listing Statement describing the resulting issuer on SEDAR prior to listing on NEO containing any additional or updated information required in connection with the NEO listing application. The Company does not anticipate that any of the changes to the disclosure contained in the information circular of NML dated October 15, 2020, will be material.
NEO Exchange is a progressive Canadian stock exchange that brings together investors and capital raisers within a fair, efficient, and service-oriented environment. NEO Exchange lists senior companies and investment products seeking a stock exchange that enables investor trust, quality liquidity, and broad awareness including unfettered access to market data. NML and Abaxx believe that the NEO is ideally suited as an exchange for Abaxx as both are innovators.
The Abaxx mission is to advance commodity trading and financing markets as the global economy transitions from carbon-intensive coal and oil energy sources to mass electrification based on clean natural gas, renewable energy and smart grid energy storage. To achieve the stated mission, Abaxx has developed a business strategy composed of two core components: (i) investing in new Internet communication protocols and proprietary financial software to support and improve global commodity trading markets (the Abaxx Commoditization of Trust software portfolio); and (ii) commercializing a majority-owned commodity futures exchange based in Singapore and utilizing Abaxx technology. Abaxx is currently developing new global energy benchmark contracts, as well as contracts to trade precious metals and battery metals. It is anticipated that contracts traded on the Abaxx Commodity Exchange will include environmental, social and corporate governance (ESG) certifications to support a global shift to more responsible trading and investing. For further details, see the information circular of NML dated October 15, 2020 filed on www.sedar.com.