Abaxx Technologies Inc. announced a private placement of an 10% unsecured convertible debenture for gross proceeds of CAD 1,013,000 on September 29, 2023. The debenture shall mature on December 15, 2023, and is convertible at the option of the holder into common shares from time to time and at any time at a conversion price of CAD 7.15 per common share. The debenture shall bear interest at an annual rate of 10%, compounding monthly and payable in cash on the maturity date.

The debenture is unsecured, non-voting and carries no right to participate in the earnings of the company. The securities issued in connection with the transaction shall be subject to a four-month and one-day hold period following issuance, in accordance with applicable securities legislation.