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

Odaily Planet Daily News Canadian listed company Spetz Inc. (CSE: SPTZ) announced that it has completed the previously announced first round of non-broker private placement financing, issuing 14.7 million units (each unit contains one common share and half a warrant), with an issue price of US$0.50 per unit and 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 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 private placement financing plan will complete the remaining part by June 23 at the latest, with a total goal of raising US$10 million. The company paid $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 constituted an affiliated transaction but met the exemption conditions and did not need to be submitted to minority shareholders for approval. (yahoo)