Interbittm Announces Acceptance of Subscription Agreements FOR $1.725 Million Worth of Common Shares IN Connection with Private Placement
INTERBITTM ANNOUNCES ACCEPTANCE OF SUBSCRIPTION
AGREEMENTS FOR $1.725 MILLION WORTH OF COMMON
SHARES IN CONNECTION WITH PRIVATE PLACEMENT
NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO
COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES
SECURITIES LAWS.
Canada / London, UK March 11, 2020
INTERBIT LTD. (TSX Venture: IBIT) (the “Company”) is pleased to announce that it has accepted
and executed subscription agreements for $1.725 million worth of common shares of the
Company (the “Common Shares”) in connection with its previously announced non-brokered
private placement (the “Private Placement”) of a minimum of 6,666,666 Common Shares and a
maximum of 11,500,000 Common Shares of at a price of CAD$0.15 per share (see the
Company’s March 6, 2020 press release). Accordingly, the Company has instructed its transfer
agent to issue and deliver the Common Shares in connection with such subscription agreements.
The net proceeds from the Private Placement will be used in connection with continued operations
of the Company, payment of outstanding debts, examining what financial and strategic
alternatives may be available to the Company and towards general and administrative expenses.
Any securities issued in connection with the Private Placement are subject to a hold period of four
months and one day from the closing of the Private Placement. The Private Placement is subject
to certain conditions, including approval of the TSX Venture Exchange (the “TSXV”).
ABOUT THE COMPANY
The Company owns proprietary technologies and is listed on the TSX Venture Exchange.
For further information please contact:
Brian Hinchcliffe, CEO
Phone: +1-914-815-2773
Email: [email protected]
Website: www.interbit.io
This press release is not an offer of the Company’s securities for sale in the United States. The
Company’s securities may not be offered or sold in the United States absent registration or an
available exemption from the registration requirements of the U.S. Securities Act of 1933, as
amended (the “U.S. Securities Act”) and applicable U.S. state securities laws. The Company will
not make any public offering of its securities in the United States. The Company’s securities have
not been and will not be registered under the U.S. Securities Act.
TM
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This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale
would be unlawful.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this release are forward-looking statements, which include, the closing of
the Private Placement, the anticipated use of proceeds, the results of the strategic review being
undertaken by the Company, the timing, development, launch and success of the Company’s
technologies and products (including, without limitation, successful development and
commercialization of the Interbit TM platform), timing of receipt of feedback in respect of patent
application examinations, successful receipt of patents in connection with the Company’s patent
applications, and other matters. Forward-looking statements consist of statements that are not
purely historical, including any statements regarding beliefs, plans, expectations or intentions
regarding the future. Such information can generally be identified by the use of forwarding-looking
wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the
negative thereof or similar variations. Readers are cautioned not to place undue reliance on
forward-looking statements, as there can be no assurance that the plans, intentions or
expectations upon which they are based will occur. By their nature, forward-looking statements
involve numerous assumptions, known and unknown risks and uncertainties, both general and
specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and
other forward-looking statements will not occur. These assumptions, risks and uncertainties
include, among other things, the state of the economy in general and capital markets in particular,
the development of competitive technologies, the marketplace acceptance of the Company’s
technologies and products, as well as those risk factors discussed or referred to in the Company's
annual Management's Discussion and Analysis for the year ended December 31, 2018 available
at www.sedar.com, many of which are beyond the control of the Company. Forward-looking
statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this
press release. Except as required by law, the Company disclaims any intention and assumes no
obligation to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Additionally, the Company undertakes no obligation to
comment on the expectations of, or statements made by, third parties in respect of the matters
discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.