eXeBlock Closes Private Placement Financing to Raise $550,000 in Gross Proceeds
Summary
The Agent is registered as an Exempt Market Dealer and deals with eXeBlock on a non-arms length basis, an insider of eXeBlock being indirectly a principal shareholder as well as a director and officer of the Agent.The subscription to the Financing by insiders of the Issuer is a related party transaction for the purposes of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Issuer is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that the fair market value of the insiders subscription does not exceed 25% of the market capitalization of the Issuer as determined in accordance with MI 61-101.As previously disclosed, the net proceeds of the Offering will be used for the due diligence and negotiation of new business opportunities and for general working capital.All securities issued under the Offering will be subject to a statutory hold period until May 8, 2025.eXeBlock, with its wholly owned subsidiary eXeBlock Subco, is listed on the Canadian Securities Exchange under the symbol "XBLK.X". This press release may contain forward-looking statements and information that are based on the beliefs of management and reflect the Companys current expectations. There are a number of important risk factors that could cause the Companys actual results to differ materially from those indicated or implied by forward-looking statements and information. When relying on the Companys forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing risk factors and other uncertainties and potential events.