BLOK Technologies Announces Private Placement

BLOK Technologies (CSE:BLK), a company principally engaged in the blockchain industry announced that it was entering a non-brokered private placement. The value of the private placement is set to be C$1.6 million, or 32 million of BLOK Technologies common shares.

As quoted in the press release:

Subscription Details

• Each common share of the Company entitles the shareholder to one vote at every meeting of common shareholders of the Company.

• There are four current shareholders of VR EYES and each one submitted a subscription agreement dated August 14, 2019 to the Company (the “Subscription Agreements”) for the acquisition of 8,000,000 of the Company’s common shares each at a deemed price of $0.05 per common share of the Company, payable in 12.25 common shares of VR EYES each.

• VR EYES currently has 100 common shares issued and outstanding. The total VR EYES shares to be paid to the Company in exchange for its 32,000,000 shares is 49% of the issued and outstanding shares of VR EYES. The Company will receive 49 common shares of VR EYES in the private placement. VR EYES and the shareholders of VR EYES are arm’s-length to the Company.

• VR EYES is not a party to this private placement; however, BLK is in talks with VR EYES and intends to provide its capital, technology and management expertise to VR EYES. No agreement has yet been reached for those services. In the event that an agreement is ever reached, the Company will not likely charge for its services as it will provide them with the intention of increasing the value of its investment in VR EYES. There are no assurances that the Company will reach an agreement with or provide services to VR EYES.

Click here to read the full press release.