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UNITED STATES/
TORONTO, March 12, 2020 /CNW/ - DelphX Capital Markets
Inc. (TSXV: DELX) ("DelphX") announced today that
it intends to proceed with a non-brokered private placement (the
"Offering") of up to 10,000,000 units (the "Units")
at a subscription price of C$0.05 per
Unit, for gross proceeds of up to C$500,000. Each Unit will consist of one
common share ("Common Share") of DelphX and one share
purchase warrant ("Warrant"). Each Warrant will
entitle the holder to purchase one Common Share at a price of
$0.10, for a period of 2 years from
the date of issue provided that in the event the closing price of
the DelphX's Common Shares on the TSX Venture Exchange is equal to
or greater than $0.50 per share for
20 consecutive trading days at any time following closing of the
Offering, DelphX may reduce the remaining exercise period of the
Warrants to not less than 30 days following the date of such
notice.
In connection with the Offering, DelphX may pay to eligible
finders cash finders' fees of up to 7% of the gross proceeds
received and may issue up to 700,000 finders' warrants (the
"Finders' Warrants"). Each Finders' Warrant will be
exercisable to purchase one Common Share at a price of $0.05, for a period of three years after closing
of the Offering.
Completion of the Offering is subject to the approval of the TSX
Venture Exchange. The securities issued pursuant to the Offering
will be subject to a hold period of four months plus one day from
the date of issue.
The Common Shares of DelphX have not been registered under the
U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent
registration or an applicable exemption from the registration
requirements. This press release does not constitute an offer to
sell or the solicitation of an offer to buy the securities herein
described, and shall not constitute an offer, solicitation or sale
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of that jurisdiction.
DelphX intends to use the net proceeds from the Offering for
working capital and general corporate purposes.
About DelphX:
DelphX is a technology and financial services company focused on
optimizing credit markets. Its Cloud-based technology, actuarial
science and reinsurance protocols enable fixed income dealers to
offer new Rule 144A securities that optimally transfer and diffuse
credit risk. The new DelphX platform will be regulated by the
SEC and enable dealers to competitively structure, sell and make
markets in:
- Covered Put Options (CPOs) that provide secured default
protection for underlying corporate, municipal and sovereign
securities, with each CPO strike-price equaling the par value of
its underlying security
- Covered Reference Notes (CRNs) that enable credit
investors to take on the default exposure of a single underlying
security or optionally participate in a pool of diversified risks
that broadly diffuses the impact of credit events.
All CPOs and CRNs will be collateralized by investment grade
assets held in custody by an independent custodian.
For more information about DelphX, please visit
www.delphx.com.
Forward-Looking Statements
This news release contains certain "forward-looking statements"
including, without limitation, statements regarding the launch of
the DelphX platform. Such forward-looking statements involve risks
and uncertainties, both known and unknown. The results or events
depicted in these forward-looking statements may differ materially
from actual results or events. In addition to other factors and
assumptions which may be identified herein, assumptions have been
made regarding and are implicit in, among other things: the state
of the capital markets, tax issues associated with doing business
internationally, the ability of DelphX to successfully manage the
risks inherent in pursuing business opportunities in the financial
services industry, and the ability of DelphX to obtain qualified
staff, equipment and services in a timely and cost-efficient manner
to develop its business. Any forward-looking statement reflects
information available to DelphX as of the date of this news release
and, except as may be required by applicable securities laws,
DelphX disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise.
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.
SOURCE DelphX Capital Markets Inc.
