INTERBIT™ ANNOUNCES ACCEPTANCE OF SUBSCRIPTION AGREEMENTS FOR $1.725 MILLION WORTH OF COMMON SHARES IN CONNECTION WITH PRIV...
12 Mars 2020 - 4:15AM
INTERBIT LTD. (TSX Venture: IBIT) (the
“
Company”) is pleased to announce that it has
accepted and executed subscription agreements for $1.725 million
worth of common shares of the Company (the “
Common
Shares”) in connection with its previously announced
non-brokered private placement (the “
Private
Placement”) of a minimum of 6,666,666 Common Shares and a
maximum of 11,500,000 Common Shares of at a price of CAD$0.15 per
share (see the Company’s March 6, 2020 press release).
Accordingly, the Company has instructed its transfer agent to issue
and deliver the Common Shares in connection with such subscription
agreements.
The net proceeds from the Private Placement will
be used in connection with continued operations of the Company,
payment of outstanding debts, examining what financial and
strategic alternatives may be available to the Company and towards
general and administrative expenses.
Any securities issued in connection with the
Private Placement are subject to a hold period of four months and
one day from the closing of the Private Placement. The Private
Placement is subject to certain conditions, including approval of
the TSX Venture Exchange (the “TSXV”).
ABOUT THE COMPANY
The Company owns proprietary technologies and is
listed on the TSX Venture Exchange.
For further information please
contact:
Brian Hinchcliffe, CEOPhone:
+1-914-815-2773Email: investor@interbit.ioWebsite:
www.interbit.io
This press release is not an offer of the
Company’s securities for sale in the United States. The Company’s
securities may not be offered or sold in the United States absent
registration or an available exemption from the registration
requirements of the U.S. Securities Act of 1933, as amended (the
“U.S. Securities Act”) and applicable U.S. state securities laws.
The Company will not make any public offering of its securities in
the United States. The Company’s securities have not been and
will not be registered under the U.S. Securities Act.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities, in any jurisdiction in which such
offer, solicitation or sale would be unlawful.
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS
Certain statements in this release are
forward-looking statements, which include, the closing of the
Private Placement, the anticipated use of proceeds, the results of
the strategic review being undertaken by the Company, the timing,
development, launch and success of the Company’s technologies and
products (including, without limitation, successful development and
commercialization of the InterbitTM platform), timing of receipt of
feedback in respect of patent application examinations, successful
receipt of patents in connection with the Company’s patent
applications, and other matters. Forward-looking statements consist
of statements that are not purely historical, including any
statements regarding beliefs, plans, expectations or intentions
regarding the future. Such information can generally be identified
by the use of forwarding-looking wording such as “may”, “expect”,
“estimate”, “anticipate”, “intend”, “believe” and “continue” or the
negative thereof or similar variations. Readers are cautioned not
to place undue reliance on forward-looking statements, as there can
be no assurance that the plans, intentions or expectations upon
which they are based will occur. By their nature, forward-looking
statements involve numerous assumptions, known and unknown risks
and uncertainties, both general and specific, that contribute to
the possibility that the predictions, estimates, forecasts,
projections and other forward-looking statements will not occur.
These assumptions, risks and uncertainties include, among other
things, the state of the economy in general and capital markets in
particular, the development of competitive technologies, the
marketplace acceptance of the Company’s technologies and products,
as well as those risk factors discussed or referred to in the
Company's annual Management's Discussion and Analysis for the year
ended December 31, 2018 available at www.sedar.com, many of which
are beyond the control of the Company. Forward-looking statements
contained in this press release are expressly qualified by this
cautionary statement.
The forward-looking statements contained in this
press release are made as of the date of this press release.
Except as required by law, the Company disclaims any intention and
assumes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. Additionally, the Company undertakes no obligation to
comment on the expectations of, or statements made by, third
parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its
Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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