Abaxx Technologies Inc. has entered into a binding term sheet with a strategic investor for issuance of up to 4,695,653 common shares at a price of CAD 5.75 per common share for gross proceeds of CAD 27,000,004.75 on October 23, 2023. The lead strategic investor shall subscribe for 3,565,218 common shares for gross proceeds of CAD 20,500,003.5 million. The company may issue additional 1,130,435 common shares for gross proceeds of CAD 6,500,001.25 pursuant to which the strategic investor may participate for up to CAD 6,500,001.25, increasing the total transaction size up to CAD 5,826,088.

The transaction remains subject to all requisite regulatory approvals, including approval of the Cboe Canada Exchange.