GRAPH BLOCKCHAIN CLOSES FIRST TRANCHE OF FINANCING
March 11 2020 - 4:08PM
Graph Blockchain Inc. ("
Graph" or
"
Company") (
CSE: GBLC) is pleased
to announce the closing of a non-brokered private placement
financing (the “Financing”) on a first tranche close of the
previously announced financing (2020-02-19) to raise up to $500,000
CAD in units consisting of a $0.03 common share and a half warrant
at $0.06 for 24 months. The financing allows the company to
commence in creating it’s blockchain supported e-Commerce
marketplace for the booming psychedelic and ancillary sector, while
providing some working capital. The Company will close the balance
of the financing on or about March 31, 2020.
"While the Company and others face global financial
uncertainty, we continue to focus on the company’s pivot into the
psychedelic sector while building out our blockchain e commerce
marketplace. Closing on the first tranche of our financing is a
strong indication and demonstration of support the market has and
understands/believes in the company as we embark on our new
strategy," says Govinda Butcher, chief executive office of Graph
Blockchain Inc.
A total of 5,000,000 units (the "Units") were
issued under the Financing at $0.03 per unit for gross proceeds of
$150,000. Each Unit consists of one common share (each, a "Share")
and one common half share purchase warrant (each, a "Warrant"),
with each Warrant entitling the holder to acquire one additional
Share at a price of $0.06 per Share for a period of 24 months,
expiring on March 11, 2022. The Units issued by the Company
pursuant to the Financing will have a (4) four month and one day
hold period in Canada, as applicable.
In conjunction with the financing, an aggregate of
$12,000 in finder's fees and 400,000 broker warrants were paid to
finders in connection with the first tranche closing of the private
placement. The broker warrants are exercisable into one common
share at $0.06 for a period of two years.
The net proceeds from the Financing are intended
for general working capital purposes.
About Graph Blockchain Inc.
The Company develops leading-edge private
blockchain business intelligence and data management solutions that
it will implement into a blockchain supported e-commerce
marketplace for the sale of psychedelic and ancillary products in
legal jurisdictions.
Additional Information on the Company is
available at: www.graphblockchain.com
For further information, please
contact:
Govinda Butcher – CEOPhone: (416)
522-6688Email: govinda@graphblockchain.com
Forward-Looking Statements
This news release contains "forward-looking
statements" within the meaning of applicable securities laws. All
statements contained herein that are not clearly historical in
nature may constitute forward-looking statements. In some cases,
forward-looking statements can be identified by words or phrases
such as "may", "will", "expect", "likely", "should", "would",
"plan", "anticipate", "intend", "potential", "proposed",
"estimate", "believe" or the negative of these terms, or other
similar words, expressions and grammatical variations thereof, or
statements that certain events or conditions "may" or "will"
happen, or by discussions of strategy. Readers are cautioned to
consider these and other factors, uncertainties and potential
events carefully and not to put undue reliance on forward-looking
statements. Such statements may prove to be incorrect and actual
results may differ materially from those anticipated.
Forward-looking statements contained in this
news release are expressly qualified by this cautionary statement
and reflect the Company’s expectations as of the date hereof and
are subject to change thereafter. The Company undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, estimates or opinions,
future events or results or otherwise or to explain any material
difference between subsequent actual events and such
forward-looking information, except as required by applicable
law.
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