LUXXFOLIO Holdings Inc. (the “Company”) (CSE: LUXX) is pleased to announce that on March 19, 2021, the Company completed the final tranche of its non-brokered private placement that was previously announced on February 10, 2021 (the “Offering”).
The final tranche consisted of 904,914 common shares for gross proceeds of $316,720 for a total closing of 4,572,060 common shares at $0.35 per share equal to $1,600,221. The shares are subject to a four-month and one day hold period under securities laws.
An insider of the Company subscribed for 44,200 common shares in the final tranche of the Offering and such subscription is a “related party transaction” under Multilateral Instrument 61-101 (“MI 61-101”). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves the insider, exceeds 25% of the Company’s market capitalization. The Company did not file a material change report 21 days prior to the transaction because the Company had not received and accepted a subscription from the insider at that time.