Blockchain Venture Capital Inc. announces closing of private placement

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TORONTO, 26 May 2023 /CNW/ – Blockchain Venture Capital Inc. (the “Company“or”BVCI“) announces that its non-brokered private placement offer previously announced it 21 October 2022, 16 December 2022 and 21 April 2023 (the “Private location“) has closed. In the last tracks of the private placement, the company issued a total of 492,000 ordinary shares (the “Stock“) and 1,080,000 units, each at a price of $1.25with each unit consisting of one share and half of a warrant, for total gross proceeds of $1,965,000.00. Each warrant issued as part of a share will be exercisable for one share at an exercise price of $1.50 for a period of 24 months from the date of issue. The company issued a total of 2,398,134 shares and 540,000 warrants during the private placement for total gross proceeds of $2,997,667.50.

The Company intends to use the proceeds of the private placement to fund corporate expenses and general working capital purposes with respect to the development of the Company’s BvcPay platform and CADT, including expenses related to seeking applicable regulatory approvals with respect to merchant registrations to allow BVCI to carry out its CADT-related business.

All securities issued under the private placement will be subject to a holding period expiring four months and one day from the date of issue.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction where such offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws in such jurisdiction. This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent registration under US federal and state securities laws or an applicable exemption from such US registration requirements.

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About the company

BVCI is one Ontario incorporated company and is registered as a money service business with the Financial Transaction and Reports Analysis Center of Canada (FINTRAC). It is a provider of an innovative technology infrastructure to participants in the emerging blockchain and distributed ledger technology industry. Instrumental to BVCI’s business and growth strategy is BVC Chain, a proprietary blockchain platform and distributed ledger technology, which can act as a centralized or decentralized ledger. BVC Chain was designed to be a turnkey solution, which can be customized and implemented by organizations looking to deploy blockchain platform-based solutions, products or services. BVC Chain will also act as the platform and infrastructure for BvcPay and CADT. BvcPay is a cloud-based mobile application that is intended to have the ability to function as a digital currency wallet and can facilitate point-of-sale and online transactions using Bitcoin, Ethereum and CADT. CADT is the original digital currency of the BVC chain and it is intended to be one stablecoin. BVCI’s CADT business division is expected to issue CADT, a cryptographic stablecoin backed on a 1:1 basis with an equivalent amount of Canadian dollars held in a custodial account. CADT is expected to support real-time pricing, payment, settlement, digital asset issuance and ledger functions.

To allow BVCI to carry out its CADT-related activities, BVCI submitted an application on 17 June 2021 to obtain registration as an exempt market dealer in accordance with applicable securities legislation i Ontario, Albertaand British Columbia. Such an application is being processed, and there is no guarantee that BVCI will receive such a registration. Unless and until the Company is registered under applicable securities laws for the purpose of conducting its CADT-related business, or the Company is otherwise satisfied that it can conduct such business in compliance with all applicable securities laws, it intends to obtain all of its CADT trading to happen. through a dealer (via the BVC chain) registered in a registration category under applicable securities laws that allows CADT to be traded through it, which dealer arrangement is subject to completion. Accordingly, there is no assurance that BVCI will be able to continue its proposed CADT business or any related BvcPay business that relies on CADT.

Forward-looking information and statements

Certain statements in this press release may constitute “forward-looking” statements that involve known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements of the Company or the industry in which it operates to differ materially from any future results, performance or performance expressed or implied by such forward-looking statements. When used in this press release, the words “estimate”, “believe”, “anticipate”, “anticipate”, “anticipate”, “plan”, “may”, “should”, “will”, the negative thereof or otherwise variations on these or comparable terminology are intended to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements related to: the Company’s business plans and strategies; use of the proceeds from the private issue; and closing and size of the private placement. Such statements reflect the current expectations of the company’s management with respect to future events based on available information and are based on certain assumptions and are subject to risks and uncertainties that may cause actual results, performance or achievements to differ materially from those expressed. or implied by these forward-looking statements, including assumptions and risks related to the receipt of regulatory approvals, that the Company obtains registration as an exempt market dealer or implements its arrangement with a registered dealer. These risks and uncertainties are detailed from time to time, including, without limitation, under the heading “Risk Factors”, in the Company’s listing statement, which is available at www.sedar.com., and in other current disclosure documents filed by the Company from time to time other with Ontario, Alberta or the British Columbia Securities Commissions which are available at www.sedar.com and to which readers of this press release are referred for additional information about the Company, its prospects and the risks and uncertainties associated with the Company and its prospects. New risk factors may arise from time to time, and it is not possible for management to predict all of these risk factors or the extent to which any factor or combination of factors may cause the company’s actual results, performance and achievements to differ materially from those found in forward-looking statements. Although the forward-looking statements in this press release are based on what management believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent, and investors should not rely on forward-looking statements as a prediction of actual results. results.

The forward-looking information in this press release is only valid as of the date here. The Company does not undertake or assume any obligation, except as required by law, to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseeable events.

No securities commission or regulatory authority has approved or disapproved the content of this press release.

Neither the Canadian Stock Exchange nor its Regulatory Services Provider (as that term is defined in the Canadian Stock Exchange Policy) accepts responsibility for the adequacy or accuracy of this release, nor has it approved or disapproved of its content.

SOURCE Blockchain Venture Capital Inc.

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