Luxxfolio closes $1.55M private placement to fund crypto projects

Luxxfolio Holdings Inc. (CSE: LUXX) (OTCQB: LUXFF) (FSE: LUH0) has closed a non-brokered private placement, raising gross proceeds of $1,553,400 through the issuance of 7,767,000 units at $0.20 per unit, according to a company statement.

Each unit consists of one common share and one half of one common share purchase warrant. Each full warrant allows the holder to purchase an additional share at $0.40 for a period of 24 months from closing. Warrant expiry can be accelerated if the company's common shares close at $0.60 or higher on the Canadian Securities Exchange for at least 10 consecutive trading days.

The company paid $95,438 in cash finder's fees and issued 477,190 finder's warrants, each exercisable at $0.20 per share for 24 months from issuance.

All securities issued are subject to a statutory hold period of four months and one day from closing under Canadian securities laws. Final acceptance from the Canadian Securities Exchange is still pending.

The company said it intends to use net proceeds for general working capital and development of its Litecoin and stablecoin projects.

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