TenX Protocols Completes Major Transaction, Raises $29.9 Million

TenX Protocols Inc. has successfully completed its “Qualifying Transaction,” a significant step in its corporate evolution. This transaction, finalized on December 5, 2025, involved a three-cornered amalgamation with TenX Labs Inc., a private corporation based in Ontario. The deal marks a pivotal moment for TenX, previously known as Iocaste Ventures Inc., as it positions itself for future growth in the competitive digital asset space.

The amalgamation process included the conversion and exchange of Subscription Receipts issued during a brokered private placement, which, alongside a concurrent non-brokered offering, raised approximately $29.9 million. This total consists of about $6.36 million in cash and around $23.56 million in various crypto assets. The offering was led by Canaccord Genuity Corp., which acted as the lead agent and sole bookrunner, supported by a syndicate of agents, including Sightline Wealth Management LP, Ventum Financial Corp., INFOR Financial Inc., and Richardson Wealth Limited.

Share Consolidation and Leadership Changes

As part of the transaction, TenX Protocols executed a share consolidation, adjusting the ratio to 7.5 to 1. Following this consolidation, shareholders will see their existing common shares converted into a new class of shares, which will bear the updated name of TenX Protocols Inc. The company’s new CUSIP number is 880945100, and its new ISIN will be CA8809451005. Shareholders are not required to take further action regarding this consolidation or the name change.

In conjunction with these changes, TenX Protocols has restructured its board of directors. The newly appointed board includes Mateusz Cybula, who will serve as Chief Executive Officer; Filip Cybula, as Chief Operating Officer; Martin Bui, as Chief Financial Officer; and Geoff Byers, as Chief Technology Officer. Michael Ashby has been designated as Chair of the audit committee.

Upon completion of the Qualifying Transaction, the company will have a share capital structure that includes 62,638,731 common shares, options for 569,998 shares, and warrants to acquire an additional 19,952,346 shares. Final acceptance of the transaction by the TSX Venture Exchange is anticipated, which will classify the company as a Tier 2 issuer.

Future Plans and Use of Proceeds

The funds raised from the recent offerings are earmarked for strategic acquisitions and general working capital. TenX Protocols aims to leverage its capital to enhance its operations in the digital asset management sector, focusing on proprietary methods of digital asset staking.

In the brokered offering, TenX issued a total of 8,487,740 Subscription Receipts at a price of $0.75 each, generating gross proceeds of $6,365,805. The non-brokered offering was particularly innovative, allowing subscribers to fulfill their purchase price through contributions of digital assets, including Solana (SOL) tokens, SEI tokens, and USDC tokens. These assets were valued based on the five-day volume weighted average price on CoinMarketCap just before the closing of the offering.

The conversion process for Subscription Receipts into common shares and warrants has been structured to facilitate a smooth transition for investors. Each Subscription Receipt converted into one common share of TenX and one-half of a common share purchase warrant, which then converted into shares of the newly named company.

TenX Protocols is poised to start trading under the symbol “TNX.V” on the TSX Venture Exchange at the market’s opening on December 10, 2025. This marks a significant milestone in its journey and reflects the company’s strategy of capitalizing on the growing digital asset market.

For further details regarding this transaction and its implications, interested parties may refer to the company’s full filing statement available on SEDAR+ at www.sedarplus.ca.