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Financings

Pardus closes $1.5M subscription receipt financing

By The Northwire Desk — AI Analysis Dec 10, 2025 · 16:45 PDVN Pardus Ventures Inc
PDVN · Price

Executive Summary

  • Pardus Ventures Inc. has closed the first tranche of its previously announced non-brokered private placement of subscription receipts, raising $1.5 million in gross proceeds.
  • The financing is a condition for the completion of Pardus's proposed acquisition of EGL Technology Holdings Co. Ltd., which will serve as Pardus's qualifying transaction under TSX Venture Exchange Policy 2.4.
  • The combined entity will focus on smart locker solutions in Vietnam, with proceeds held in escrow until specific regulatory and transactional conditions are met.

Key Details

  • Transaction Structure: Non-brokered private placement of subscription receipts.
  • Closing Date: December 9, 2025.
  • Units Issued: 30 million subscription receipts.
  • Price Per Unit: $0.05 CAD per subscription receipt.
  • Gross Proceeds: $1.5 million CAD.
  • Total Offering Size: Up to 40 million subscription receipts for aggregate gross proceeds of up to $2.0 million CAD.
  • Escrow Arrangement: Funds held by Computershare Trust Company of Canada. Release conditions include receipt of all required approvals, completion/waiver of conditions precedent, and listing on the TSX Venture Exchange.
  • Escrow Deadline: If the transaction does not close by 5 p.m. on the date 12 months after the closing of the final tranche, funds are returned to holders.
  • Use of Proceeds: Pay remaining transaction costs, purchase Smart Lockers, recruit talent, R&D for Smart Box/Smartlocker System technology, and general/administrative costs.
  • Finder’s Fees: 5.0% of gross proceeds from introduced persons; $53,800 deposited in escrow, released upon satisfaction of escrow conditions.
  • Conversion Terms: Subscription receipts automatically convert into one common share of Pardus upon satisfaction of escrow release conditions, with no additional consideration required.
  • Hold Period: Shares resulting from conversion are subject to a hold period expiring on April 10, 2026.
  • Target Company: EGL Technology Holdings Co. Ltd., a Vietnam-based smart locker solutions provider and operator with AI technologies for last-mile delivery.
  • Trading Status: Trading in Pardus shares is currently halted until completion of the transaction.

Notable Quotes

  • None provided in the text.
Read the original news release →

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