- 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.
