Block One Announces Completion of $2,000,000 Non-Brokered Placement

Block One Capital (TSXV:BLOK) has announced the completion of a previously announced non-brokered private placement of 2 million units at $1.00 per unit for gross proceeds of $2 million.

As quoted in the press release:

Each Unit consists of one (1) common share in the capital of the Company (a “Share”) and one-half (1/2) of one common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant is exercisable to acquire one additional Share at a price of $1.50 for a period of two (2) years from the date of closing. In the event that the Shares trade at a closing price of greater than $2.50 per Share for ten (10) consecutive trading days, the Company may accelerate the expiry date of the Warrants to expire on the 30th day after the date on which such notice is given by Block One.

The Company believes that the net proceeds from the Offering, together with its existing cash on hand, revenues from investments and unrealized gains on investments, position it well to continue to expand its investment portfolio. To this end, the Company intends to use the net proceeds from the offering to fund its ongoing investment strategy with a focus in the blockchain space.

Block One did not pay commission to any party with respect to the Offering. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

Click here to read the full press release.