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TORONTO, December 16, 2022 /CNW/ – Blockchain Venture Capital Inc. (in “Company“or”BVCI“) announced that, due to increased subscription demand, the terms of the non-brokered private placement offering previously announced in October 21, 2022 (at”Private Placement“) has been revised by increasing the aggregate number of common shares in the Company (“Share it“) issued pursuant to a Private Placement of up to 1,200,000 Shares and increasing the aggregate gross proceeds of up to $1,500,000. All other terms and conditions of the Private Placement will remain the same, with the price per Share remaining the same $1.25.
The Company is also pleased to announce the closing of the second phase of the Private Placement. In the second phase, the Company issued a total of 570,134 Common Shares for gross proceeds $712,667.50. The Company intends to use the proceeds of the Private Placement to finance corporate expenditures and general working capital purposes regarding the development of the Company’s BvcPay and CADT platforms.
All securities issued pursuant to the Private Placement will be subject to a hold period expiring four months and one day from the date of issue.
The Private Placement can be completed in several tranches and is subject to the receipt of the agreement and the subscription funds executed as well as certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor will there be any sale of securities in any jurisdiction where such offer, solicitation or sale is not valid prior to registration or qualification under the securities. the law of such jurisdiction. This news release is not an offer of securities for sale United States of America. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold on United States of America no registration under US federal and state securities laws or applicable exemptions from such US registration requirements.
About the Company
BVCI is independent Ontario the company is incorporated and registered as a money service business with the Financial Transactions and Reports Analysis Center of Canada (FINTRAC). It is a provider of innovative technology infrastructure for participants in the emerging and distributed blockchain technology industry. Instrumental to BVCI’s business strategy and growth is BVC Chain, a proprietary blockchain platform and distributed ledger technology, which can be used as a centralized or decentralized ledger. BVC Chain is designed to be a turnkey solution, which can be customized and implemented by organizations that want to deploy solutions, products or services based on the blockchain platform. BVC Chain will also be the platform and infrastructure for BvcPay and CADT. BvcPay is a cloud-based mobile application intended to have the ability to function as a Digital Currency wallet and to facilitate online buying and selling transactions using Bitcoin, Ethereum and CADT. CADT is the original Digital Currency of the BVC Chain, and it is intended for a stablecoin. BVCI’s CADT business division is expected to issue CADT, cryptography stablecoin supported on a 1:1 basis with an equivalent amount of Canadian dollars held in a custodial account. CADT is expected to support real-time pricing, payments, settlement, digital asset issuance and ledger capabilities.
To allow BVCI to conduct CADT-related business, BVCI filed an application in June 17, 2021 to obtain registration as an exempt market dealer in accordance with applicable securities laws in Ontario, Albertaand British Columbia. The application is pending, and there is no guarantee that BVCI will obtain the registration. Unless and until the Company is registered under applicable securities laws for the purpose of conducting CADT-related business, or the Company is satisfied that it can conduct such business in accordance with all applicable securities laws, the Company intends that all CADT trades occur. through a dealer (via BVC Chain) registered in the category of registration under the applicable securities law that allows CADT to be traded through, which dealer arrangement is subject to finalization. Accordingly, there can be no assurance that BVCI will be able to continue the proposed CADT business or any related BvcPay business that is dependent on CADT.
Forward-Looking Information and Statements
Certain statements in this press release may be “forward-looking” statements that involve known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company or the industry in which it operates to differ materially from anything. future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, the words “estimate”, “believe”, “anticipate”, “intend”, “expect”, “plan”, “could”, “should”, “will”, are negative or otherwise. variations therein or comparable terminology intended to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to statements related to: the Company’s business plans and strategies; use the proceeds of the Private Placement; and close and size Private Placements. These statements reflect the Company’s management’s current expectations of future events based on currently available information and are based on certain assumptions and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those indicated. or provided by such forward-looking statements, including assumptions and risks related to the receipt of regulatory approval, the Company obtains registration as an exempted market dealer or implements an arrangement with a registered dealer. These risks and uncertainties are detailed from time to time, including, without limitation, under the heading “Risk Factors”, in the Company’s listing statement, available at www.sedar.com., and in other continuous disclosure documents filed by the Company from time to time with Ontario, Alberta or the British Columbia Securities Commission available at www.sedar.com and readers of this press release are referred to additional information about the Company, its prospects and risks and uncertainties related to the Company and its prospects. New risk factors may emerge from time to time and management cannot predict all of these risk factors or the extent to which any factor or combination of factors may cause the Company’s actual results, performance and achievements to differ materially from those contained in forward-looking statements. Although forward-looking statements contained in this press release are based on what management believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent and investors should not rely on forward-looking statements as actual predictions. result.
The forward-looking information contained in this press release is current as of this date. The Company does not undertake or assume any obligation, except as required by law, to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect unanticipated events.
No securities commission or regulatory authority has approved or disapproved the contents of this press release.
Neither the Canadian Securities Exchange nor the Regulation Services Provider (as the term is defined at the discretion of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release or has approved or disapproved of the content herein.
SOURCE Blockchain Venture Capital Inc.
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