Spetz Completes First Round of Private Funding, Raising $7.35 Million for Sonic Ecosystem Infrastructure Construction

Odaily News Spetz Inc. (CSE: SPTZ), a Canadian listed company, announced that it has completed the previously announced first round of non-broker private placement financing, issuing 14.7 million units (each unit consists of one common share and half a warrant) at an issue price of US$0.50 per unit, with a total financing amount of US$7,351,308.5. Each full warrant can subscribe for one common share at US$0.75 within 24 months.
This round of financing will be used for general working capital, verification node expansion, and growth strategies related to Sonic's blockchain infrastructure. Spetz CEO Mitchell Demeter said that the funds will be used to acquire Sonic tokens, deploy verification nodes to support Sonic network security, and participate in the DeFi strategy of the Sonic ecosystem. Investors include Canaccord Genuity Financial, Haywood Securities, Sonic Labs, etc.
The remaining part of the private placement will be completed by June 23 at the latest, with a total target of raising US$10 million. The company paid US$316,000 in commissions to seven securities firms and issued warrants for up to 719,500 shares.
In addition, board member Michael Kron participated in this round of private placement with $50,000, which constitutes a related transaction but meets the exemption conditions and does not need to be submitted to minority shareholders for approval. (yahoo)