Cryptanite Blockchain Technologies Starts Trading
12 Mar 2018
CRYPTANITE COMPLETES ACQUISITION OF CHARGACARD AND COMMENCES TRADING
Vancouver, British Columbia – March 12, 2018 – Cryptanite Blockchain Technologies Corp. (NITE:CSE) (“Cryptanite” or the “Company”) is pleased to announce that it commenced trading today having completed the acquisition of ChargaCard, Inc. (“ChargaCard”). A copy of the Listing Statement was filed under the Company’s profile at www.sedar.com under the category “other” on February 28, 2018.
The Company completed the acquisition, whereby the Company acquired 100% of the issued and outstanding common shares of ChargaCard, a company incorporated under the laws of the state of Delaware. Pursuant to the Acquisition, the Company issued an aggregate of 39,558,733 common shares of the Company “(Shares”) to the shareholders of ChargaCard. Certain Shares issued to the principals of the Company are subject to escrow conditions required by applicable securities laws and CSE requirements.
“We are excited to be trading on the CSE and with the capital raised, the Company will accelerate its commercialization efforts of our Blockchain based payment networks for enterprise and consumer applications.” commented, John Eagleton, Chief Executive Officer of the Company.
In conjunction with closing of the Acquisition, effective March 8, 2018 the Company did change its name from Westbay Ventures Inc. to “Cryptanite Blockchain Technologies Corp.” The new symbol for trading is “NITE”
In connection with the acquisition, the Company closed a private placement on March 2, 2018 (the “Private Placement”) consisting of 8,189,442 shares at a price of $0.45 per share for gross proceeds of $3,685,248.90.
In connection with the Private Placement, the Company paid aggregate finder’s fees of $82,934.96 and issued 184,299 common share purchase warrants (the “Finder Warrants”). Each Finder Warrant is exercisable for one Share at an exercise price $0.45 per Share until March 2, 2019.
All securities issued pursuant to the private Placement are subject to a four-month hold period in accordance with applicable securities laws expiring July 3, 2018.
For further details on the Acquisition and the Private Placement please see the Listing Statement.