MineHub Announces Closing of Second Tranche in Strategic Partnership with Abaxx Technologies

Rhea-AI Summary

MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) has completed the second tranche closing of its strategic partnership with Abaxx Technologies Inc. (CBOE: ABXX) (OTCQX: ABXXF). In this transaction, MineHub received 109,583 Abaxx shares in exchange for issuing 4,166,666 MineHub shares to Abaxx at a deemed price of C$0.30 per share. The Abaxx shares received by MineHub have no hold period under securities laws, while the MineHub shares issued to Abaxx have a four-month and one-day hold period. Additionally, MineHub issued 481,975 common shares to Haywood Securities Inc., their financial advisor for the transaction, at the same deemed price of C$0.30 per share.

Positive

• Strategic partnership with Abaxx Technologies strengthened through share exchange
• MineHub received 109,583 Abaxx shares with no hold period
• Abaxx shares received under Abaxx's prospectus supplement, providing immediate liquidity

Negative

• Dilution of existing MineHub shareholders due to issuance of 4,166,666 new shares
• Additional dilution from 481,975 shares issued to financial advisor

Vancouver, British Columbia--(Newsfile Corp. - September 9, 2024) - MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) ("MineHub" or the "Company") is pleased to announce that, further to its news releases dated August 1, 2024 and August 23, 2024, the Company completed the second tranche closing (the "Second Tranche Closing") of its strategic partnership with Abaxx Technologies Inc. (CBOE: ABXX) (OTCQX: ABXXF) ("Abaxx"), pursuant to which MineHub received shares of Abaxx (the "Abaxx Shares") in exchange for the issuance of common shares in MineHub (the "MineHub Shares") to Abaxx.

Under the Second Tranche Closing, MineHub received 109,583 Abaxx Shares in exchange for the issuance of 4,166,666 MineHub Shares to Abaxx at a deemed price of C$0.30 per MineHub Share. MineHub received the Abaxx Shares under Abaxx's prospectus supplement dated August 22, 2024 and accordingly the Abaxx Shares do not have a hold period under securities laws. The MineHub Shares issued to Abaxx bear a hold period of four months and a day from the Second Tranche Closing.

Haywood Securities Inc. (the "Advisor") acted as financial advisor to MineHub. In connection with the transaction, MineHub issued 481,975 common shares of MineHub to the Advisor at a deemed price of C$0.30 per common share (the "Advisor Shares") for acting as financial advisor to MineHub. The Advisor Shares bear a hold period expiring four months and a day from the Second Tranche Closing date.

About MineHub

MineHub is the digital supply chain platform for the commodity markets, making raw material supply chains more efficient, resilient and sustainable. MineHub provides enterprise-grade digital solutions that connect buyers, sellers, laboratories and financiers within physical commodities supply chains in a digitally integrated workflow powered by data that is useable, shareable, verifiable and unforgeable. Users of MineHub solutions are in full control of their supply chains, enabling them to optimize their use of resources, respond better and faster to disruptions, and provide a better customer service. Global enterprises already use MineHub solutions as part of their logistics, compliance, trade management and financing operations.

For further information regarding MineHub, please email info@minehub.com or visit our website at www.minehub.com.

Andrea Aranguren
President, CEO & Director, MineHub Technologies Inc.
Tel: (604) 628-5623

Cautionary Note Regarding Forward-Looking Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222757

FAQ

How many Abaxx Technologies shares did MineHub (MHUBF) receive in the second tranche closing?

MineHub received 109,583 Abaxx Technologies shares in the second tranche closing of their strategic partnership.

What was the exchange rate for MineHub (MHUBF) shares in the transaction with Abaxx Technologies?

MineHub issued 4,166,666 shares to Abaxx Technologies at a deemed price of C$0.30 per share.

Is there a hold period on the Abaxx shares received by MineHub (MHUBF)?

No, the Abaxx shares received by MineHub do not have a hold period under securities laws due to being issued under Abaxx's prospectus supplement.

How many shares did MineHub (MHUBF) issue to its financial advisor for the Abaxx transaction?

MineHub issued 481,975 common shares to Haywood Securities Inc., its financial advisor, at a deemed price of C$0.30 per share.