LQwD Fintech Corp. appoints Alex P. Guidi as director and announces non-brokered private placement
VANCOUVER, BC, 5 April 2023 /PRNewswire/ – LQwD Fintech Corp . (TSXV: LQWD) (OTC: LQWDF) is pleased to announce the appointment of Alex P. Guidi as an independent board member of the company. The board now consists of Shone Anstey, Ashley Garnot, Pino Perone, Kim Evans and Alex P. Guidi.
Mr. Guidi is an experienced public company executive, investor and successful venture capitalist. At the age of 26, Alex founded and was a major shareholder in a group of highly successful senior board-listed companies known as the IREMCO Group of Companies. Under his leadership from 1986 to 2012, the IREMCO Group became among the fastest growing international exploration, development and production companies globally. Currently, IREMCO Group is a privately owned investment company.
In connection with Mr. Guidi’s board appointment, LQwD will execute a non-brokered private placement of 468,750 units of the Company (each a “Unit”) at a price of $0.64 per unit for total gross proceeds of $300,000 (the “Private Location”). Each share will consist of 1 ordinary share in the company and 1 purchase warrant for shares, with each warrant exercisable for 1 ordinary share at an exercise price of $0.85 per ordinary share at any time up to 36 months after the closing date of the private issue.
The private placement will be fully subscribed by Mr. Guidi, director of the company. Consequently, Mr. Guidi’s participation in the private placement a transaction with related parties under multilateral instrument 61-101 – Protection of minority security holders in special transactions (“MI 61-101”). The Company is exempt from the formal valuation and minority approval requirement pursuant to MI 61-101, as the fair market value of Guidi’s participation in the private placement does not exceed more than 25% of the market value of the Company, as set forth in Sections 5.5(a) and 5.7 (1)(a) of MI 61-101.
The net proceeds from the Private Placement are intended to be used, but are not limited to, to continue to expand LQwD’s Lightning Network business and general working capital purposes. Completion of the private placement is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals, including acceptance by the TSX Venture Exchange (“TSXV”).
In connection with the private placement, the company will not pay finder’s fees.
Forward-looking statements
This press release contains “forward-looking information” within the meaning of applicable securities laws relating to the Company’s business plans and the outlook for the Company’s industry. Although the Company believes, taking into account the experience of its officers and directors, current conditions and expected future developments and other factors that have been deemed appropriate, that the expectations reflected in this forward-looking information are reasonable, they should not be relied upon. because the company cannot give any guarantee that they will prove to be correct. Actual results and developments may differ materially from those contemplated in these statements. The statements in this press release are made as of the date of this press release, and the Company undertakes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws.
Neither the TSXV nor its regulatory services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Shares, nor shall there be any sale of the Shares in any jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification. under the securities laws of such jurisdiction. The Units being offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, a US person.
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SOURCE LQwD FinTech Corp.
