Blockchain Venture Capital Inc. Announces Update to its Private Placement
Summary
The Company intends to use the proceeds from the Private Placement to fund corporate expenditures and general working capital purposes in respect of the development of the Companys BvcPay platform and CADT.All securities issued under the Private Placement will be subject to a hold period expiring four months and one day from the date of issuance.The Private Placement may be completed in multiple tranches and is subject to receipt of executed subscription agreements and funds as well as certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange.This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. BvcPay is a cloud based mobile application that is intended to have the capability to function as a Digital Currency wallet and which can facilitate point of sale and online transactions using Bitcoin, Ethereum and CADT. CADT is expected to support real time pricing, payment, settlement, digital asset issuance and ledger capabilities.To allow BVCI to carry out its CADT related business, BVCI filed an application on June 17, 2021 to obtain registration as an exempt market dealer in accordance with applicable securities laws in Ontario, Alberta, and British Columbia. Such statements reflect the current expectations of the management of the Company with respect to future events based on currently available information and are based on certain assumptions and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by those forward-looking statements, including assumptions and risks related to receipt of regulatory approvals, the Company obtaining registration as an exempt market dealer or implementing its arrangement with a registered dealer. The Company does not undertake or assume any obligation, except as required by law, to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.No securities commission or regulatory authority has approved or disapproved the contents of this press release.Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release nor have they approved or disapproved of the content hereof.