CurrencyWorks Inc., a blockchain pioneer, NFT, and digital payment 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. These shares are to be priced at the market as of the market close (OTCQB) on Tuesday, December 28, 2021 with no discount, no warrant and will be subject a hold period under United States securities laws and, if applicable, under Canadian securities laws.
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In addition to the private placement, the Company has entered into a securities purchase agreement with Blockchain Capital Corp., a strategic investor, for the purchase of 1,956,521 shares of common stock and warrants to purchase 1,956,521 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$0.23. The warrants have an exercise price of US$0.288 per share, will be immediately exercisable and expire two years from the issue date. The registered direct offering is expected to close on or about December 29, 2021, 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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The securities being offered in the registered direct offering described above are being offered pursuant to a “shelf” registration statement (File No. 333-255477) filed with the Securities and Exchange Commission (SEC) on April 23, 2021 and declared effective on May 4, 2021. Such securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A prospectus supplement and the accompanying prospectus relating to the registered direct offering of the securities will be filed with the SEC. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the registered direct offering of the securities may be obtained, when available, on the SEC’s website.
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