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Blockmate Ventures Inc. (the "Company") (TSX.V: MATE) (FSE: 8MH1) is pleased to announce that it has completed a non-brokered private placement (the " Offering ") for gross proceeds of CAD$820,000 which will be used for general working capital purposes. In connection with completion of the Offering, the Company has issued 16,400,000 units (each, a " Unit ") at a price of $0.05 per Unit. Each Unit consists of one common share, and one common share purchase warrant exercisable to acquire a further common share at a price of $0.075 until June 15, 2026.
All securities issued in connection with the Offering are subject to restrictions on resale until October 16, 2023 in accordance with applicable securities laws. No finders' fees or commissions were paid by the Company in connection with completion of the Offering.
The Offering included participation by two directors of the Company, Domenic Carosa, through Carosa Corporation BV, a holding company controlled by Mr. Carosa, and Georg Hochwimmer, through General Research GMBH, a company controlled by Mr. Hochwimmer, for an aggregate of 3,500,000 Units. The participation by insiders of the Company constitutes a "related party transaction" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101 "). For this transaction, the Company has relied upon the exemption from the formal valuation requirements contained in Section 5.5(a) of MI 61-101 and has relied upon the exemption from the minority shareholder approval requirements contained in Section 5.7(1)(a) of MI 61-101.
About Blockmate Ventures Inc.
Blockmate Ventures is a Web3 incubator/venture creator focussing 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.
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. Learn more about being a Blockmate 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
(+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.
