Abaxx Closes CAD$30.7 Million Financing and Terminates ATM Program

This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated April 26, 2023 to its short form base shelf prospectus dated November 4, 2021

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TORONTO, Nov. 21, 2023 (GLOBE NEWSWIRE) -- Abaxx Technologies Inc. (NEO:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte. Ltd., and producer of the SmarterMarkets Podcast, is pleased to announce that it has closed its non-brokered private placement previously announced on October 23, 2023 (the “Financing”). The Financing consisted of the issuance of 5,338,866 common shares (the “Shares”) of the Company at a price of CAD $5.75 per common share for aggregate gross proceeds of CAD $30,698,480.

The proceeds of the Financing are expected to enable Abaxx to complete its final applications for “recognized market operator” and “approved clearing house” licenses for Abaxx Exchange Pte. Ltd. (“Abaxx Exchange”) and Abaxx Clearing Pte. Ltd. (“Abaxx Clearing”), respectively, with the Monetary Authority of Singapore, and provide working capital and funds for general corporate purposes through the launch of its exchange. No finder’s fees or commissions were paid in connection with the Financing.

“Abaxx welcomes this new funding from some of the world’s largest institutional investors and top commodity infrastructure portfolio managers,” said Josh Crumb, CEO of Abaxx. “Upon closing of this placement, the Company now has the backing and the capital certainty to proceed to the final licensing of our Exchange and Clearinghouse in Singapore. On behalf of the Abaxx board of directors, I would like to welcome our new institutional shareholders from Canoe Financial, K2 Asset Management and the multiple additional leading global institutional investors who participated in the placement.”

A total of 3,665,218 Shares issued in connection with the Financing are subject to a statutory hold period of four months from the date of issuance in accordance with applicable securities legislation. The Financing is subject to final acceptance of Cboe Canada.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities issuable under the Financing have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold to or for the account or benefit of persons in the “United States” or “U.S. persons” (as such terms are defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.