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TORONTO, Nov. 16, 2020 /CNW/ - (TSX: QBTC) (TSX: QBTC.U)
The Bitcoin Fund (the "Fund") is pleased to announce that it is
undertaking an overnight treasury offering of Class A units (the
"Class A Units"). The Class A Units will be available for purchase
in Canadian and U.S. dollars under the offering.
The offering is expected to close on or about November 20, 2020 and is subject to certain
closing conditions including approval by the Toronto Stock Exchange
("TSX").
The Class A Unit offering price will be determined so as to be
non-dilutive to the most recently calculated net asset value per
Class A Unit on November 16,
2020.
The closing price on the TSX for the Class A Units on
November 16, 2020 was C$28.16 (US$21.53).
The Fund seeks to provide unitholders of the Fund with (a)
exposure to the digital currency bitcoin and the daily price
movements of the U.S. dollar price of bitcoin and (b) the
opportunity for long-term capital appreciation.
To achieve its investment objectives, the Fund invests in
long-term holdings of bitcoin, purchased from reputable bitcoin
trading platforms and OTC counterparties, in order to provide
investors with a convenient, safer alternative to a direct
investment in bitcoin.
The agent for the offering will be Canaccord Genuity Corp.
About 3iQ
Founded in 2012, 3iQ Corp. ("3iQ") is a Canadian investment fund
manager focused on providing investors with exposure to digital
assets, disruptive technologies and the blockchain space. 3iQ was
the first Canadian investment fund manager to agree to terms and
conditions with the Canadian securities regulatory authorities to
manage a public bitcoin investment fund and multicryptoasset fund
for Canadian accredited investors. Access to these new technologies
can be daunting, costly, and inconvenient. 3iQ has worked through a
stringent regulatory process to offer investors convenient and
familiar investment products to gain exposure to digital
assets.
A short form base shelf prospectus containing important
detailed information about the securities being offered has been
filed with securities commissions or similar authorities in each of
the provinces and territories of Canada. Copies of the short form base shelf
prospectus may be obtained from a member of the syndicate. The Fund
intends to file a supplement to the short form base shelf
prospectus, and investors should read the short form base shelf
prospectus and the prospectus supplement before making an
investment decision. There will not be any sale or any acceptance
of an offer to buy the securities being offered until the
prospectus supplement has been filed with the securities
commissions or similar authorities in each of the provinces and
territories of Canada.
You will usually pay brokerage fees to your dealer if you
purchase or sell units of the Fund on the Toronto Stock Exchange or
other alternative Canadian trading system (an "exchange"). If
the units are purchased or sold on an exchange, investors may pay
more than the current net asset value when buying units of the Fund
and may receive less than the current net asset value when selling
them.
There are ongoing fees and expenses associated with owning
units of an investment fund. An investment fund must prepare
disclosure documents that contain key information about the
fund. You can find more detailed information about the Fund
in its public filings available at www.sedar.com. Investment funds
are not guaranteed, their values change frequently and past
performance may not be repeated.
Certain statements contained in this document constitute
forward-looking information within the meaning of Canadian
securities laws. Forward-looking information may relate to matters
disclosed in this document and to other matters identified in
public filings relating to the Fund, to the future outlook of the
Fund and anticipated events or results and may include statements
regarding the future financial performance of the Fund. In some
cases, forward-looking information can be identified by terms such
as "may", "will", "should", "expect", "plan", "anticipate",
"believe", "intend", "estimate", "predict", "potential", "continue"
or other similar expressions concerning matters that are not
historical facts. Actual results may vary from such forward-looking
information. Investors should not place undue reliance on
forward-looking statements. These forward-looking statements
are made as of the date hereof and we assume no obligation to
update or revise them to reflect new events or
circumstances.
The securities offered have not been registered under the
U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent
registration or any applicable exemption from the registration
requirements. This news release does not constitute an offer to
sell or the solicitation of an offer to buy securities nor will
there be any sale of such securities in any state in which such
offer, solicitation or sale would be unlawful.
SOURCE 3iQ Corp.