Ellipsiz Communications Ltd. Announces Closing of Private Placement Financing
Updated: Feb 4, 2020
TORONTO, ONTARIO – July 17, 2019 – Ellipsiz Communications Ltd. (formerly NXA Inc.) (TSXV: ECT) (the “Company” or “ECL”) wishes to announce that it has completed a further nonbrokered working capital unit private placement raising proceeds of $375,000. The Company placed 2,500,000 units (each a “Unit”) at a price of $0.15 per Unit.
Each Unit consists of one common share of the Company and one (1) common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire an additional common share at $0.15 per share until two (2) years from the closing of the Offering.
The subscriber for the private placement was Cybernaut International Holdings Company Limited (“Cybernaut International”), a company listed on the main board of the Hong Kong Stock Exchange and regarded as part of the Cybernaut Investment Group (“Cybernaut”).
Cybernaut is one of China’s most influential investment institutions and currently holds USD$30 billion assets under management internationally. It has extensive global presence and partnerships. Its investment focuses on digital areas such as new generation of infrastructure including cloud computing, big data and artificial intelligence, “internet plus” industries, as well as the regional ecosystem of mass entrepreneurship and development of urban international facilities.
Cybernaut International is a window by which the Group goes global, engaged in China’s massive capital market, facilitates industrial research and development, giving rise to the formation of the new “Silicon Valley” in China, and exports technologies to the Belt and Road and globally.
Cybernaut International agreed to make this private placement as a first step in developing a strategic relationship with Ellipsiz. Cybernaut International has agreed not to exercise any Warrants if it would result in Cybernaut holding more than 10% of the Company’s outstanding common shares.
All securities issued pursuant to the above referenced private placement are subject to a four month hold period expiring on November 17, 2019. Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Eric Chan, CFO
T: 416 977-3223