POSaBIT Systems Corporation announced a non-brokered private placement of up to 3,107,142 units at a price of CAD 0.28 per unit for aggregate gross proceeds of up to approximately CAD 870,000 on December 21, 2023. Each unit will be comprised of one common share and 0.88 common share purchase warrants. Each warrant will be exercisable into one common share at a price of CAD 0.40 per warrant share for a period of 60 months.

The company also entered into a subscription agreement with new investor Perga Capital Partners, LP, a fund managed by Perga Capital Management, LP for 857,929 units for aggregate gross proceeds of approximately CAD 800,220. The offering is expected to close on or about December 29, 2023, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals. The common shares issued in connection with the offering are expected to be subject to a four-month statutory hold period, in accordance with applicable securities legislation.