Vancouver, British Columbia--(Newsfile Corp. - January 7, 2025) - eXeBlock Technology Corporation (CSE: XBLK.X) ("eXeBlock" or the "Company") is pleased to announce that it has closed its non-brokered private placement that was announced on December 20, 2024, for the issuance of 22,000,000 units (the "Units") at a price of $0.025 per Unit for gross proceeds of $550,000 (the "Offering"). Each Unit consists of one (1) common share of the Company (each a "Share") and one (1) non-transferable share purchase warrant (the "Warrant"). Each Warrant will be exercisable to acquire one (1) additional Share at an exercise price of $0.06 per Share until January 7, 2027.
Numus Capital Corp. (the "Agent"), acted as the exclusive agent for the Financing. In connection with the private placement, eXeBlock paid the Agent a cash commission of $28,980 and issued 1,159,200 non-transferable share purchase warrants (the "Agent's Warrants"). Each Agent Warrant entitles the Agent to acquire one Share at an exercise price of $0.06 per Share until January 7, 2027. The Agent is registered as an Exempt Market Dealer and deals with eXeBlock on a non-arm's length basis, an insider of eXeBlock being indirectly a principal shareholder as well as a director and officer of the Agent.
The subscription to the Financing by insiders of the Issuer is a related party transaction for the purposes of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Issuer is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that the fair market value of the insider's subscription does not exceed 25% of the market capitalization of the Issuer as determined in accordance with MI 61-101.
As previously disclosed, the net proceeds of the Offering will be used for the due diligence and negotiation of new business opportunities and for general working capital.
All securities issued under the Offering will be subject to a statutory hold period until May 8, 2025.
About eXeBlock
eXeBlock, with its wholly owned subsidiary eXeBlock Subco, is listed on the Canadian Securities Exchange under the symbol "XBLK.X". eXeBlock Subco is a company incorporated under the federal laws of Canada. eXeBlock is a technology company exploring new technology initiatives. Neither eXeBlock, nor eXeBlock Subco, has current business operations.
For further information please contact:
Ian Klassen
President & CEO
eXeBlock Technology Corporation
Ph: 604-899-0106
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Not for distribution to U.S. newswire services or dissemination in the United States.
FORWARD-LOOKING INFORMATION
This press release may contain forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this press release, the words 'estimate', 'project', 'belief', 'will', 'anticipate', 'intend', 'expect', 'plan', 'predict', 'may' or 'should' and the negative of these words or such variations or comparable terminology are intended to identify forward-looking statements and information. More particularly and without limitation, this news release may contain forward-looking information relating to the ability to identify and complete a transaction with a clear path to revenue, which depends upon the availability of such business opportunity, negotiation of acceptable terms, receipt of regulatory approvals and the approval of the Company's shareholders. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements. There are a number of important risk factors that could cause the Company's actual results to differ materially from those indicated or implied by forward-looking statements and information. For a more detailed discussion of risk factors, refer to the Company's management discussion and analysis dated as of December 13, 2024 filed under the Company's profile on SEDAR+ (www.sedarplus.ca) and on the CSE's website. The Company cautions that the aforementioned list of material risk factors is not exhaustive. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing risk factors and other uncertainties and potential events.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
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SOURCE: eXeBlock Technology Corporation
