Abaxx Technologies Raises $27 Million to Support Launch of Commodity Exchange Businesses

Abaxx Technologies, a market infrastructure player, has announced that it has raised fresh capital in order to support the launch of its commodity exchange businesses. The Toronto-listed company is set to bring in $27 million through the sale of ordinary and preferred shares.

Designating three investors - CBOE Global Markets, TLW Trading, and Traxys - as strategic partners in their business, Abaxx has sold preferred shares to these units. The preferred shares were sold at a price of $4.718 per share. As part of the capital raising, the company also sold warrants and ordinary shares.

Abaxx shares, which are listed on CBOE's Canadian Neo Exchange, closed Tuesday at $13.60. Led by former Goldman Sachs and Nymex executives, the company's CEO and founder is Josh Crumb, who previously held positions as a Goldman commodities strategy and research executive. In September, Jeff Currie, Goldman's former top commodities researcher and an early proponent of the commodities super-cycle theory, joined the Abaxx board as a director.