VANCOUVER, BC, Nov. 2, 2020 /CNW/ - Interlapse Technologies
Corp. (TSXV: INLA) (OTCQB: INLAF) ("Interlapse" or the "Company")
announces that it has closed its previously announced non-brokered
private placement offering raising gross proceeds of C$735,632.
The Company issued 4,904,212 units at the price of C$0.15 per unit, each unit consisting of one
common share and one non-transferable warrant, each warrant
entitling the holder to purchase one additional share (a "warrant
share") at a price of C$0.20 per
warrant share for a period of 18 months from the date of issue
provided that, commencing on March 2,
2021, if the closing price of the Company's common shares on
the TSX Venture Exchange (the "TSX-V"), or any other stock exchange
on which the Company's common shares are then listed, is at a price
equal to or greater than C$0.40 for a
period of 10 consecutive trading days, the Company will have the
right to accelerate the expiry date of the Warrants by giving
written notice to the holders of the warrants that the warrants
will expire on the date that is not less than 30 days from the date
notice is provided by the Company to the warrant holders.
In consideration of arranging the private placement, the Company
paid finders' fees in the aggregate amount of C$34,386.24.
A senior officer and a significant shareholder of the Company
participated in the private placement by purchasing an aggregate of
500,000 units. Accordingly, the private placement constituted to
that extent a "related party transaction" under applicable Canadian
securities laws. The Company did not file a material change report
more than 21 days before the expected closing of the private
placement as the details of the private placement and the
participation therein by related parties of the Company were not
settled until shortly prior to closing and the Company wished to
close on an expedited basis for sound business reasons.
The common shares, warrants and any warrant shares issued upon
exercise of the warrants are subject to a hold period and may not
be traded until March 2, 2021 except as permitted by
applicable securities legislation and the rules and policies of the
TSX-V.
Interlapse plans to use the funds towards further development of
its virtual currency and digital asset business.
About Interlapse Technologies Corp.
Interlapse Technologies Corp. is a financial technology
applications company accelerating the global mega-trend of virtual
currency adoption. Our signature product, Coincurve.com, enables a
simple, safe way to buy, sell and spend virtual currency.
To learn more, visit www.interlapse.com.
Neither TSX-V nor its Regulation Services Provider (as that term
is defined in the policies of the TSX-V) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking Information
Statements
contained in this release that are not historical facts are
forward-looking statements, including statements relating to the
planned use of proceeds from the private placement, that involve
various risks and uncertainty affecting the business of Interlapse.
In making the forward-looking statements, Interlapse has applied
certain assumptions that are based on information available,
including Interlapse's strategic plan for the near and mid-term.
There can be no assurance that such information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
information. Interlapse does not undertake to update any
forward-looking information, except in accordance with applicable
securities laws.
SOURCE Interlapse Technologies Corp.