Cryptanite Files Listing Statement for The Canadian Securities Exchange
7 Mar 2018
CRYPTANITE FILES LISTING STATEMENT FOR CANADIAN SECURITIES EXCHANGE AND PROVIDES TRANSACTION UPDATE
Vancouver, British Columbia – March 7, 2018 – Cryptanite Blockchain Technologies Corp. (the “Company”) is pleased to announce that it has filed its listing statement (the “Listing Statement”) supporting its application for listing on the Canadian Securities Exchange (the “CSE”). 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. As previously disclosed, the Company confirms that effective February 28st, it voluntarily delisted from the TSX Venture Exchange in order to complete the acquisition (the “Acquisition”) of ChargaCard, Inc. (“ChargaCard”).
The Company completed the Acquisition on March 7, 2018, 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.
In addition, the Company issued 2,000,000 common share purchase warrants (the “Warrants”) to the warrantholders of ChargaCard. Each Warrant entitles the holder thereof to purchase one Share at a price of $0.10 until September 7, 2019 (subject to certain conditions).
In conjunction with closing of the Acquisition, effective March 8, 2018 the Company will change its name from Westbay Ventures Inc. to “Cryptanite Blockchain Technologies Corp.”
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.
As previously announced, the Company has received conditional approval of the Acquisition and the listing of its Shares on the CSE. Trading on the CSE under the symbol “NITE” is expected to commence once final approval is obtained from the CSE. Further information regarding the listing date will be provided in a subsequent news release.