CurrencyWorks Inc. (“CurrencyWorks” or the “Company”),, an award-winning, full-service blockchain platform provider, announced that the Company intends to complete a non-brokered private placement pursuant to Section 4(a)(2) of the Securities Act of 1933 or Regulation S under the Securities Act of 1933, as applicable, pursuant to which the Company plans to sell to Jimmy Geiskopf, Cameron Chell and Swapan Kakumanu, directors and executive officers of the Company, shares of common stock for gross proceeds of US$50,000 of the Company.
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These shares are to be priced at the market as of the market close (OTCQB) on Thursday, January 27, 2022 with no discount, no warrant and will be subject to a hold period under United States securities laws and, if applicable, under Canadian securities laws.
In addition to the private placement, the Company has entered into a securities purchase agreement with SEGUS Holdings Ltd., a strategic investor, for the purchase of 1,221,001 shares of common stock and warrants to purchase 1,221,001 shares of common stock in a registered direct offering. The purchase price for one share of common stock and one warrant to purchase one share of common stock is US$0.1638. The warrants have an exercise price of US$0.2048 per share, will be immediately exercisable and expire two years from the issue date.
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Concurrently with the private placement and registered direct offering, the Company intends to settle debt (the “Debt Settlement”) in the amount of US$100,000 owed by the Company to one creditor of the Company by the issuance of 488,281 shares of common stock at a deemed price of US$0.2048 per share. The Debt Settlement is subject to the entry into a debt settlement agreement with the creditor. All securities issued in connection with the Debt Settlement will be subject to a hold period under United States securities laws and, if applicable, under Canadian securities laws.
The registered direct offering is expected to close on or about January 28, 2022, subject to the satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the registered direct offering for general corporate or working capital purposes.
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