GRAPH BLOCKCHAIN CLOSES FIRST TRANCHE OF FINANCING
Graph Blockchain Inc., has closed first tranche of a non-brokered private placementA total of 5,000,000 units were issued at a price of $0.03 per unit for gross proceeds of $150,000TORONTO, March 11, 2020 (GLOBE NEWSWIRE) — Graph Blockchain Inc. (“Graph” or “Company“) (CSE: GBLC) is pleased to announce the closing of a non-brokered private placement financing (the “Financing”) on a first tranche close of the previously announced financing (2020-02-19) to raise up to $500,000 CAD in units consisting of a $0.03 common share and a half warrant at $0.06 for 24 months. The financing allows the company to commence in creating it’s blockchain supported e-Commerce marketplace for the booming psychedelic and ancillary sector, while providing some working capital. The Company will close the balance of the financing on or about March 31, 2020.“While the Company and others face global financial uncertainty, we continue to focus on the company’s pivot into the psychedelic sector while building out our blockchain e commerce marketplace. Closing on the first tranche of our financing is a strong indication and demonstration of support the market has and understands/believes in the company as we embark on our new strategy,” says Govinda Butcher, chief executive office of Graph Blockchain Inc.A total of 5,000,000 units (the “Units”) were issued under the Financing at $0.03 per unit for gross proceeds of $150,000. Each Unit consists of one common share (each, a “Share”) and one common half share purchase warrant (each, a “Warrant”), with each Warrant entitling the holder to acquire one additional Share at a price of $0.06 per Share for a period of 24 months, expiring on March 11, 2022. The Units issued by the Company pursuant to the Financing will have a (4) four month and one day hold period in Canada, as applicable.In conjunction with the financing, an aggregate of $12,000 in finder’s fees and 400,000 broker warrants were paid to finders in connection with the first tranche closing of the private placement. The broker warrants are exercisable into one common share at $0.06 for a period of two years.The net proceeds from the Financing are intended for general working capital purposes.About Graph Blockchain Inc.The Company develops leading-edge private blockchain business intelligence and data management solutions that it will implement into a blockchain supported e-commerce marketplace for the sale of psychedelic and ancillary products in legal jurisdictions.Additional Information on the Company is available at: www.graphblockchain.comFor further information, please contact:Govinda Butcher – CEO
Phone: (416) 522-6688
Email: [email protected]Forward-Looking StatementsThis news release contains “forward-looking statements” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. Such statements may prove to be incorrect and actual results may differ materially from those anticipated.Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.