DelphX closes C$150,000 private placement with insider participation

DelphX Capital Markets Inc. (TSXV: DELX) (OTCQB: DPXCF) completed its non-brokered private placement, issuing 3,000,000 units at C$0.05 per unit for gross proceeds of C$150,000, according to a company statement.

Each unit consists of one common share and one warrant. The warrants allow holders to purchase one common share at $0.08 for two years from the issuance date.

An insider subscribed for all 3,000,000 units, making the offering a related party transaction under Multilateral Instrument 61-101 and TSXV Policy 5.9. The company used exemptions from formal valuation and minority approval requirements since neither the fair market value of securities issued to insiders nor the cash consideration exceeded 25% of DelphX's market capitalization.

The transaction requires approval from the TSX Venture Exchange. Securities issued will be subject to a four-month hold period plus one day from issuance.

DelphX stated it will use net proceeds for working capital and corporate overhead expenses.

The Toronto-based company develops structured products and operates through its special purpose vehicle Quantem LLC to enable broker dealers to offer private placement securities for fixed income and cryptocurrency solutions.

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