BTL™ Announces $6 Million Marketed Financing and Amendment to Terms of Non-Brokered Private Placement
BTL Group (TSXV:BTL) has announced that it has entered into an agreement with GMP Securities LP where GMP has agreed to raise $6 million through the offering of 1.22 million shares of the company at $4.90 per share. As quoted in the press release: Each Unit is comprised of one common share of the Company …
BTL Group (TSXV:BTL) has announced that it has entered into an agreement with GMP Securities LP where GMP has agreed to raise $6 million through the offering of 1.22 million shares of the company at $4.90 per share.
As quoted in the press release:
Each Unit is comprised of one common share of the Company (“Common Share“) and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant“), with each Warrant entitling the holder to purchase one Common Share at an exercise price of C$7.00 per Common Share for 12 months following the closing of the Offering.
The Company has granted GMP an option (the “Agent’s Option“) to purchase additional Units in an amount equal to 15% of the Units sold under the Offering, exercisable in whole or in part, at any time up to 48 hours prior to the closing of the Offering. If this option is exercised in full, the aggregate gross proceeds of the Offering will be approximately C$6,900,000.
This Offering is in addition to the non-brokered private placement of Units announced by BTL on November 1, 2017 (the “Non-Brokered Offering“). The Company also announces an amendment to the terms of the Non-Brokered Offering, such that it will now be for up to 938,775 Units at a price of CAD$4.90 per Unit, for gross proceeds of up to CAD$4,600,000.
BTL intends to use the proceeds from this Offering and the Non-Brokered Offering in connection with final development of Interbit™, BTL’s proprietary third generation blockchain platform, and towards general and administrative expenses.
Closing of the Offering is expected to occur on November 23, 2017, or such other date as GMP and the Company agree.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.