VANCOUVER, BC / ACCESSWIRE / September 27, 2024 / LQWD Technologies Corp. (TSXV:LQWD)(OTCQB:LQWDF) ("LQWD" or the "Company") announces that it has cancelled its previously announced private placement on July 22, 2024, and September 9, 2024. The Company intends to complete a non-brokered private placement of up to 1.5 million units at a price of $0.65 per unit and up to 3.2 million units at a price of $0.70 per unit for aggregate gross proceeds of up to $3,215,000 (the "Private Placement").
Each $0.65 unit will consist of one common share of the Company and one-half of one common share purchase warrant. Each full warrant is exercisable into one common share at an exercise price of $0.90 per share at any time up to 18 months following the closing date of the Private Placement.
Each $0.70 unit will consist of one common share of the Company and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share for a period of 5 years following the closing date with exercise prices as follows: 1/5th of the warrants will have an exercise price of $1.00 per share; 1/5th of the warrants will have an exercise price of $1.25 per share; 1/5th of the warrants will have an exercise price of $1.50 per share; 1/5th of the warrants will have an exercise price of $1.75 per share; and the remaining 1/5th of the warrants will have an exercise price of $2.00 per share.
The shares and warrants from the Private Placement are subject to a 4 month hold period before becoming free trading, and the warrants are also subject to acceleration provisions.
The net proceeds from the Private Placement will be used for, but are not limited to, continuing 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 of the TSX Venture Exchange. It is anticipated that existing shareholders, directors, and management will be participating in the Private Placement. In connection with the Private Placement, the Company may pay a finder's fee of up to 5% on the applicable portion of the Private Placement.
About LQWD Technologies Corp.
LQWD Technologies Corp. is a leading provider of institutional-grade liquidity services for the Lightning Network. The Company's mission is to enhance the global adoption of Bitcoin by providing reliable and scalable liquidity solutions that power the Lightning Network. LQWD operates a growing number of Lightning Network nodes worldwide, ensuring efficient and cost-effective Bitcoin transactions for businesses and individuals alike.
For further information:
Ashley Garnot, Director
Phone: 1.604.669.0912
Email: ashley@lqwd.money
Website: www.lqwdtech.com
X: @LQWDTech
Forward-Looking Statements
This release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the Company's industry. Although the Company believes, considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release shall not constitute an offer to sell or the solicitation of an offer to buy the Units, nor shall there be any sale of the Units in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any 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 U.S. person.
SOURCE: LQWD Technologies
