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Blockmate Ventures Inc (TSX.V: MATE) (OTCQB: MATEF) (FSE: 8MH1) (" Blockmate " or the " Company ") announces that it has reached agreements with David Wong, Justin Rosenberg, Domenico Carosa, Georg Hochwimmer and Konstantin Lichtenwald, directors or officers of the Company, and two arms-length creditors (together, the " Creditors ") to settle (the " Debt Settlement ") outstanding indebtedness (the " Indebtedness ") totaling $141,538.03 through the issuance of 2,830,761 common shares at a deemed price of $0.05 per share. Completion of the Debt Settlement remains subject to the approval of the TSX Venture Exchange (the " Exchange "). All common shares issued in connection with the Debt Settlement will be subject to a four-month-and-one-day statutory holder period in accordance with applicable securities laws.
Messrs. Wong, Rosenberg, Carosa, Hochwimmer and Lichtenwald are directors or senior officers of the Company and considered non-arm's-length parties in accordance with the policies of the Exchange. As a result, the Debt Settlement with the non-arm's-length parties is subject to Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101 "). In completing the Debt Settlement with Messrs. Wong, Rosenberg, Carosa, Hochwimmer and Lichtenwald, the Company intends to rely upon Section 5.5(b) of MI 61-101 for an exemption from the formal valuation requirement of MI 61-101, as the securities of the Company are not listed or quoted on a specified market, and Section 5.7(b) of MI 61-101 for an exemption from the minority shareholder approval requirements of MI 61-101, as the fair market value of the Debt Settlement with the non-arm's-length parties does not exceed $2,500,000.
About Blockmate Ventures Inc.
Blockmate Ventures is a Web3 incubator/venture creator focusing on businesses that utilise blockchain technology and decentralization to provide greater utility, accessibility and sustainability around everyday services. Working with prospective Founders, projects in incubation can benefit from the Blockmate ecosystem that offers tech, services, integrations, digital assets, and advisory to accelerate the incubation of projects towards monetization.
Blockmate's current platforms include FX payments (Midpoint), "Radically simple Web3 mining" (Hivello) and green projects (Blockchain World and others in the pipeline).
The leadership team at Blockmate Ventures have successfully founded successful tech companies from the Dotcom era through to the social media era and view Web3 technology as the vehicle for a democratised future. Join the Hivello waitlist for a free passive income app and learn more about being a Blockmate investor at: www.blockmate.com .
Blockmate welcomes investors to join the Company's mailing list for the latest updates and industry research by subscribing at: https://www.blockmate.com/subscribe
ON BEHALF OF THE BOARD OF DIRECTORS
Justin Rosenberg, CEO
Blockmate Ventures Inc
justin@blockmate.com
(+1-888-218-6863)
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Information
This news release contains "forward-looking statements" or "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on the assumptions, expectations, estimates and projections as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Raindrop disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.
