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Edmonton, Alberta--(Newsfile Corp. - December 5, 2024) - TrustBIX Inc. (TSXV: TBIX) ("TrustBIX" or the "Company") announces the non-brokered private placement (the "Private Placement"), previously announced on November 13, 2024 for up to 5,000,000 common shares of the Company ("Common Shares") at a price of $0.02 per Common Share for gross proceeds of up to $100,000, has received conditional acceptance by the TSX Venture Exchange (the "Exchange"). TrustBIX has closed on the initial tranche of subscriptions of 2,790,000 Common Shares for gross proceeds of $55,800.
The securities issued under the Private Placement are subject to a four-month and a day hold period from the time of closing of the Private Placement.
A director and an officer of the Company participated in the private placement; they acquired an aggregate total of 640,000 Common Shares for $12,800. The participation of these insiders in the private placement constitutes a Related Party Transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The board of directors of the Company determined that the transaction is exempt from the formal valuation and minority shareholder approval requirements contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 for the related party transaction, as neither the fair market value of securities issued to the insiders nor the consideration paid by the insiders exceeded 25 percent of the Company's market capitalization.
As the financing is below $0.05, the Company is relying on the minimum pricing exemption provided by the Exchange and is providing a brief description on the use of proceeds being raised. The proceeds will be used for ongoing working capital.
About TrustBIX (TSXV: TBIX)
TrustBIX is an agricultural technology company providing Gate to Plate® solutions to create a world where we trust more, waste less, and reward sustainable practices. Our award-winning technologies offer practical tools trusted by local and international agri-food organizations.
Forward-Looking Information
This press release contains certain forward-looking information and reflects the Company's present assumptions regarding future events. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, and/or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.