Agoracom Blog

Blockchain Foundry $BCFN.ca Announces CAD$10 Million Private Placement with Institutional Investors $HUT.ca $BITF.ca $GLXY.ca $HIVE.ca $VYGR.ca

Posted by AGORACOM-JC at 8:44 AM on Monday, March 8th, 2021
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  • Entered into a securities purchase agreement with certain institutional investors to issue in a private placement 29,792,595 common shares (“Common Shares”) and warrants to purchase up to 29,792,595 Common Shares (“Warrants”), at a purchase price of CAD$0.3375 per Common Share and associated Warrant
  • Gross proceeds to BCF of approximately CAD$10 million

TORONTO, March 07, 2021 — Blockchain Foundry Inc. (“BCF” or the “Company”) (CSE:BCFN), a leading North American blockchain development firm, is pleased to announce that it has entered into a securities purchase agreement with certain institutional investors to issue in a private placement 29,792,595 common shares (“Common Shares”) and warrants to purchase up to 29,792,595 Common Shares (“Warrants”), at a purchase price of CAD$0.3375 per Common Share and associated Warrant, for gross proceeds to BCF of approximately CAD$10 million (the “Private Placement”). The Warrants have an exercise price of CAD$0.45 per Common Share and may be exercised at any time prior to the fifth-year anniversary of the issuance date.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the Private Placement.

The Private Placement is expected to close on or about March 10, 2021, subject to satisfaction of customary closing conditions, including receipt of all necessary corporate and regulatory approvals, including Canadian Securities Exchange approval.

The net proceeds of the Private Placement will be used by the Company for working capital and general corporate purposes, including, without limitation, hiring of development and other personnel, marketing the Company’s products and services and repayment of debt.

H.C. Wainwright & Co. will be paid a cash commission of 8.0% of the gross proceeds raised in the Private Placement and issued warrants (the “Broker Warrants”) to purchase up to an aggregate of 8.0% of the number of Common Shares placed in the Private Placement. Each Broker Warrant will have an exercise price of CAD$0.45 per Common Share and may be exercised at any time prior to the fifth year anniversary of the issuance date.

Read More: https://agoracom.com/ir/BlockchainFoundry/forums/discussion/topics/756800-blockchain-foundry-announces-cad-10-million-private-placement-with-institutional-investors/messages/2307027#message

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