BLOK Technologies Inc. (“BLOK Tech” or the “Company”) (CSE:BLK) (FRANKFURT:2AD) is pleased to announce that, further to its news release of March 13, 2018, it is expanding its brokered private placement (the “Offering”) co-led by Canaccord Genuity Corp. and Gravitas Securities Inc. (collectively, the “Agents”) to include investors purchasing pursuant to the “investment dealer exemption”, as further described below. As previously announced, the Offering will consist of up to 10,000,000 units (the “Units”) of the Company at a price of $0.30 per Unit (the “Unit Issue Price”) to raise up to C$3,000,000 on a commercially reasonable efforts basis. Each Unit will consist of one (1) common share (a “Common Share”) of the Company and one (1) common share purchase warrant (a “Warrant”) exercisable into one (1) Common Share of the Company at an exercise price of $0.50 per Warrant for a period of 24 months from the Closing Date.
A portion or all of the Offering may be completed pursuant to BC Instrument 45-356 – Exemption from Prospectus Requirement for Certain Distributions Through an Investment Dealer (“BCI 45-356”) and the corresponding blanket orders and rules implementing BCI 45-356 in the participating jurisdictions in respect thereof (collectively with BCI 45-356, the “Investment Dealer Exemption”). As of the date hereof, the Investment Dealer Exemption is available in each of British Columbia, Alberta, Saskatchewan, Manitoba and New Brunswick under separate local instruments. Pursuant to BCI 45-356, each subscriber relying on the Investment Dealer Exemption must obtain advice regarding the suitability of the investment from a registered investment dealer.
BLOK Tech intends to use the net proceeds from the Offering for the development of emerging blockchain technology, investment in strategic opportunities as well as for general working capital purposes. Further discussion of compensation to be paid to the Agents can be found in the Company’s previous news release on March 13, 2018. Closing of the Offering is expected to occur on or about April 5, 2018 (the “Closing Date”).
BLOK Tech confirms that there is no material fact or material change about it that has not been generally disclosed.
About BLOK Technologies Inc.
BLOK Technologies Inc. is a public company that invests in and develops emerging companies in the blockchain technology sector. The Company’s approach is to provide capital, technology and management expertise to the companies it develops. With core technology being developed for the leading cannabis supply chain integrity network, BLOK Tech continues to grow its business into adjacent industries and emerging technologies. The Company systematically identifies early-stage technologies with potential to disrupt and innovate within their industry and invests the necessary resources to ensure the success of their projects.
For further information, please contact:
James Hyland, B.Comm.
Vice President Corporate Development, Director
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company’s control.
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