TORONTO, Jan. 4, 2018 /CNW/ - NEXTGEN BLOCKCHAIN TECHNOLOGIES LTD. ("NextGen") announced today the closing of a non-brokered private placement of 12,500,000 units of NextGen (each, a "Unit") at a price of $0.10 per Unit for gross proceeds of $1.25 million (the "Private Placement").
Each Unit is comprised of one (1) common share of NextGen (each, a "Common Share") and one-half (1/2) of one Common Share purchase warrant of NextGen (each, a "Warrant"). Each whole Warrant will entitle the holder to acquire one (1) Common Share at any time prior to two years from certain prescribed events, at an exercise price of $0.20 per Common Share.
"We at NextGen are very pleased to have added many strong and supportive new shareholders so early in our company's development. We look forward to scaling our core business and gaining additional exposure to the alternative consensus cryptocurrency space," said Andrew Young, Chief Executive Officer and Co-Founder.
NextGen intends to use the proceeds from the Private Placement as working capital and for general business purposes.
As NextGen is not a reporting issuer in any jurisdiction for the purposes of National Instrument 45-102 – Resale of Securities ("NI 45-102"), the securities issued in connection with the Private Placement are subject to an indefinite hold period until NextGen becomes a reporting issuer in at least one jurisdiction of Canada. NextGen may never become a reporting issuer and, therefore, the hold period may never expire.
INFOR Financial Group Inc. acted as advisor and Goodmans LLP is acting as legal counsel to NextGen in connection with the Private Placement.
ABOUT NEXTGEN BLOCKCHAIN TECHNOLOGIES LTD.
NextGen is a newly formed cryptocurrency mining company focused on securing the blockchain for alternative consensus coins by hosting advanced master nodes. NextGen utilizes unique data sets, proprietary algorithms, and the experience of its principals to generate coinstake rewards and transaction fees.
Certain statements in this release are forward-looking statements, which include the anticipated use of the proceeds of the Private Placement, the development of NextGen's business model, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and cryptocurrency industry in particular, the development of competitive business models, the marketplace acceptance of NextGen's business model, and other factors, many of which are beyond the control of NextGen. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, NextGen disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, NextGen undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
SOURCE NextGen Blockchain Technologies Ltd.
For further information: Andrew Young, Chief Executive Officer, email@example.com