GlobeX Data Ltd (OTCQB:SWISF) (CSE:SWIS) announced that it has exercised its right to accelerate the expiry date of voting share purchase warrants issued to participants in the company's private placement that closed in May 2020.
Management said it expects redemptions of the warrants to result in the issuance of 851,053 additional voting shares and cash proceeds to the company of C$110,636.89.
“GlobeX continues to build its business and expand strategically in the US and Canada in addition to starting sales in Latin America after the long COVID-19 pause,” said GlobeX Data CEO Alain Ghiai in a statement.
READ: GlobeX Data CEO and CFO to participate in its C$1.1M oversubscribed private placement
He added: “We are grateful for the continued support of our shareholders and expect to leverage these proceeds with our strong balance sheet to accelerate our growth while continuing to generate strong shareholder value.”
The company noted that participants have 20 days from the date of notice of the acceleration to exercise their warrants.
Each warrant issued in conjunction with the offerings allow the holder to purchase one GlobeX voting share for a period of 12 months from May 20, 2020 at an exercise price of C$0.13 per share, subject to adjustment in certain events.
GlobeX retained the right to require the acceleration of the expiry date of these warrants if the company's 10-trading-day volume-weighted-average-price on the Canadian Securities Exchange (CSE) met or exceeded C$0.15, which occurred during the trading period from December 30, 2020 through January 14, 2021.
Warrant holders who wish to exercise their warrants should contact their investment advisor or GlobeX directly and submit an exercise notice form to GlobeX's Investor and Corporate Relations Department at corporate@globexdatagroup.com. The company will help any holder with any administrative proceedings. Any warrants that have not been exercised by 5:00 pm (PST) at the end of 20 days' notice will automatically be cancelled.
GlobeX Data distributes, designs and develops software and cybersecurity solutions that protects data and communications to keep data and communications safe and secure.
The company’s data privacy solutions are all hosted in Switzerland, protecting users’ data from any outside data intrusion requests.
Contact Sean at sean@proactiveinvestors.com
