Blockchain Venture Capital Inc. announces an update to its private placement | Daily News Byte

Blockchain Venture Capital Inc.  announces an update to its private placement

 | Daily News Byte



TORONTO, December 16, 2022 /CNV/ – Blockchain Venture Capital Inc. (“Company“or”BVCI“) announces that, due to an increase in subscription demand, the terms of its non-brokered private placement offer have been announced earlier on October 21, 2022 (“Personal accommodation“) were revised by increasing the total number of ordinary shares of the Company ( “Shares“) are issued as part of the Private Placement of up to 1,200,000 shares and increase the total gross income up to $1,500,000. All other terms of the Private Placement will remain the same, with the price per share $1.25.

The company is also pleased to announce the closing of the second tranche of its private placement. In the second tranche, the Company issued a total of 570,134 ordinary shares for total gross proceeds of $712,667.50. The Company intends to use the proceeds of the Private Placement to fund corporate expenses and general working capital purposes in connection with the Company’s development of the BvcPay platform and CADT.

All securities issued under the Private Placement are subject to a holding period that expires four months and one day from the date of issue.

The Private Placement may be completed in multiple tranches and is subject to the receipt of signed contracts and funds as well as certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of such jurisdiction . This press release does not constitute an offer of securities for sale in 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 United States absence of registration under US federal and state securities laws or an applicable exemption from such US registration requirements.

About the company

BVCI is an Ontario registered company and is registered as a service activity at the Center for the Analysis of Financial Transactions and Reports from Canada (FINTRAC). It is a provider of innovative technology infrastructure for participants in the emerging industry of blockchain and distributed ledger technology. The instrument of BVCI’s business and growth strategy is BVC Chain, a proprietary blockchain platform and distributed ledger technology, which can function as a centralized or decentralized ledger. BVC Chain is designed to be a turnkey solution that can be customized and implemented by organizations that want to implement solutions, products or services based on the blockchain platform. The BVC chain will also serve as the platform and infrastructure for BvcPay and CADT. BvcPay is a cloud-based mobile application that has 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 native digital currency of the BVC chain, and should be a stablecoin. BVCI’s CADT business division is expected to issue CADT, Cryptography stablecoin backed on a 1:1 basis with an equivalent Canadian dollar amount held in a custodial account. CADT is expected to support real-time pricing, payment, settlement, digital asset issuance and ledger capabilities.

In order to enable BVCI to carry out its CADT related activities, BVCI has filed an application on June 17, 2021 to obtain registration as an exempt market dealer in accordance with applicable securities laws in Ontario, Albertaand British Columbia. Such application is pending and there is no guarantee that BVCI will obtain such 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 execute all its CADT trading. through a dealer (through the BVC chain) that is registered in a category of registration under applicable securities laws that allows CADT to be traded through it, and that dealer arrangement is subject to finalization. Accordingly, there is no assurance that BVCI will be able to continue its proposed CADT business or any related BvcPai 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 the actual results, performance or achievements of the Company or the industry in which it operates to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, the words “estimate”, “believe”, “anticipate”, “intend”, “expect”, “plan”, “may”, “should”, “will”, negative or otherwise variations or comparable terminology are intended to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding: the company’s business plans and strategies; use of funds from the Private Placement; and the closing and size of the Private Placement. Such statements reflect the Company’s management’s current expectations regarding future events based on currently available information and are based on certain assumptions and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. forward-looking statements, including assumptions and risks related to the receipt of regulatory approvals, for the Company to register as an exempt market trader or to implement its arrangement with a registered dealer. These risks and uncertainties are described in detail from time to time, including, without limitation, under the heading “Risk Factors,” in the Company’s listing statement, which is available at, and in other continuous disclosure documents that are filed by the Company from time to time with Ontario, Alberta or the Securities and Exchange Commission of British Columbia which are available at and to which readers of this release are referred for additional information regarding the Company, its prospects and the risks and uncertainties relating to 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 those 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 contained in the forward-looking statements. the future. Although the forward-looking statements contained in this press release are based on what management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent and investors should not place undue reliance on the forward-looking statements. relating to the future as a prediction of actual results.

The forward-looking information contained in this press release is current only as of the date of publication. The Company undertakes and assumes no obligation, except as required by law, to publicly announce any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events.

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

Neither the Canadian Stock Exchange nor its Regulation Service Provider (as that term is defined in the policies of the Canadian Stock Exchange) accepts responsibility for the adequacy or accuracy of this release and has not approved or disapproved the content of this document.

SOURCE Blockchain Venture Capital Inc.



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