Blockchain Mining Provides Update on Exchange of ADRs for Shares

Blockchain Mining (OTCQX:BLLCF; TASE:BLCM) has announced an update regarding the exchange of ADRs for BLCM ordinary shares.

As quoted in the press release:

As previously highlighted, the existing ADR facility will be terminated effective at 5:00 PM (Eastern Time) on July 26, 2018. As background, any holder of the security trading under the symbol “BITFY” is an owner of an ADR issued by The Bank of New York Mellon (the “Depositary”). Each ADR is contractually entitled to two (2) ordinary shares of BLCM held on deposit by the Depositary, and each ADR holder is entitled to take possession of the two (2) underlying ordinary shares for each ADR they own.

Under the terms of the Deposit Agreement between BLCM and the Depositary, and in accordance with the notice provided by the Depositary to each broker or custody agent, you have until at least November 26, 2018 to elect to surrender your BLCM ADRs for delivery of the underlying shares. The Depositary will deliver the ordinary shares to the broker or other custody agent of the ADR holder.

All ADR holders are encouraged to contact the institution with custody of their ADRs to arrange for the exchange to ordinary shares. Each brokerage will have its own policies and procedures; the Company cannot offer advice on the specific policies of any institution.

If you surrender ADRs for delivery of the underlying shares, you must pay a cable fee of $17.50, a cancellation fee of $0.05 per ADR surrendered as well as any other taxes or governmental charges which may be owed, based on the shareholder jurisdiction. Subsequent to November 26, 2018 under the terms of the Deposit Agreement, the Depositary may attempt to sell any unclaimed underlying shares. If an ADR holder does not instruct their custodian to surrender their ADRs for delivery of the ordinary shares, the holder will be entitled, upon subsequent surrender of their ADRs, to receive the net proceeds of any sale of the underlying shares.

Click here to read the full press release.