LUXXFOLIO Receives a Strategic Investment from BIGG Digital Assets
LUXXFOLIO Holdings Inc. a vertically-integrated digital asset company is pleased to announce that BIGG Digital Assets Inc. has made a strategic investment of CAD $2.0 million into LUXXFOLIO for 12.5 million common shares, and 12.5 million warrants (the “Unit Offering”). Through this investment BIGG now owns ~15% of LUXXFOLIO.
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BIGG’s principal business units consist of Netcoins (Netcoins.ca), the online cryptocurrency brokerage that makes it easy for Canadians to buy, sell, and understand cryptocurrency, and Blockchain Intelligence Group (blockchaingroup.io), a leading developer of blockchain technology search, risk-scoring and data analytics solutions.
LUXXFOLIO had been seeking a strategic partner to help fund its next phase of growth in both the traditional Bitcoin mining vertical and more recently an entrance into a decentralized data storage vertical. Decentralized storage supports the advancements in cloud computing and includes high growth areas such as scientific research and development, AI (artificial intelligence) and 3-D modelling.
Ken MacLean, LUXXFOLIO President highlighted, “We are thrilled to welcome BIGG as a major shareholder in LUXXFOLIO. BIGG will be an excellent partner as we navigate the opportunities in the current volatile market. Mark Binns and his team support our vision, and with their investment, we can continue to be opportunistic on the execution of our 2022 plan.
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Mark Binns, BIGG CEO, remarked, “BIGG is first and foremost a digital assets company – and complementary to our holdings in crypto forensics, crypto trading and Metaverse/NFT is crypto mining – a mainstay and essential component to the digital asset economy. We believe LUXXFOLIO can become a global leader in sustainable crypto mining, and has established an excellent beach head operation in New Mexico with significant expansion potential. The team at LUXXFOLIO, led by Ken MacLean, have built deep relationships in the crypto mining community and have grown the business through multiple crypto pricing cycles.”
In connection with the investment into LUXXFOLIO, as long as BIGG maintains an equity interest in LUXXFOLIO of 10% or greater, BIGG is entitled to appoint one member to LUXXFOLIO’s board of directors and will maintain certain pre-emptive rights.
The Unit Offering is comprised of one common share issued at $0.16 per share with one whole warrant exercisable into one common share at $0.21 for a period of 2 years. If over a period of 20 consecutive trading days, occurring at any time after the closing date of the Unit Offering, the volume-weighted average market closing price (the “VWAM”) for the Company’s common shares on the Canadian Securities Exchange (or such other Canadian exchange as applicable at the time) is equal to or greater than a VWAM of CAD$0.50 (the end of such 20 day period being the “Acceleration Event”), then the expiry date of the warrants may be accelerated by the Company (the “Acceleration Exercise”) to a date not later than the 20th day that immediately follows the Acceleration Event. The Company has the option to offer further units with subsequent closings in the Unit Offering.
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