Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • DelphX (DELX) has closed an over-subscribed non-brokered unit financing for C$570,000
  • The company offered 5,700,000 units at $0.10 per unit
  • Insiders subscribed for 1,600,000 units making the offering a related party transaction
  • The company will use the proceeds for the launch of its covered put options and covered reference notes
  • DelphX is a technology and financial services company focused on bringing new and exciting alternatives to structured product and credit markets
  • DelphX (DELX) is down 10.34 per cent and is currently trading at $0.26 per share

DelphX (DELX) has closed an over-subscribed non-brokered unit financing for C$570,000. 

The company offered 5,700,000 units at $0.10 per unit.

Each unit consists of one DelphX common share and one common share purchase warrant.

Each warrant entitles the holder to purchase one common share for $0.15 for a period of five years from the date of issue.

Insiders subscribed for 1,600,000 units making the offering a related party transaction.

DelphX will use the proceeds for the launch of its covered put options and covered reference notes.

The company is also in the process of establishing Depository Trust Company clearing for its common shares. This will give U.S. investors greater access to DelphX shares and improve liquidity.

Patrick Wood, DelphX’s CEO, commented,

“Our product suite is essentially complete at this point, but there are still legal and corporate expenses prior to launch, along with our basic maintenance budget for the organization. With our development work largely behind us, we have an exceptionally low burn-rate. So, we are managing our cash flow well as we approach the live launch of our platform.

Post launch, we believe we can be cash flow positive very quickly, potentially within one quarter if we scale up fast enough. We are in advanced discussions with potential strategic partners who have the ability to bring large bond portfolios and customer traffic onto our facility. This will be a high priority as bond managers begin to use our products to gain significant yield and protection in their existing portfolios.”

DelphX is a technology and financial services company focused on bringing new and exciting alternatives to structured product and credit markets.

DelphX (DELX) is down 10.34 per cent and is currently trading at $0.26 per share as of 10:09 am ET.

More From The Market Herald

" Mobi724 (TSXV:MOS) selected to launch AI driven customer engagement platform

Mobi724 Global Solutions (MOS) has been selected to launch its AI-driven Customer Engagement, Data Monetization & Offers platform for RedAbierta.

" Euro Asia Pay (CSE:EAP) signs LOI to acquire NexPay

Euro Asia Pay Holdings (EAP) has signed a binding letter of intent to acquire NexPay Pty Ltd., an Australian fintech company.
Peak Fintech Group - CEO, Johnson Joseph.

" Peak Fintech (CSE:PKK) upgrades revenue and earnings guidance

Peak Fintech (PKK) has upgraded its revenue and earnings guidance to account for its planned North American expansion.

" Smithe Resources Corp. (TSXV:SMTH.P) completes IPO

Smithe Resources (SMTH.P) has successfully completed its Initial Public Offering on the TSX Venture Exchange.