Business
Africa Hydrocarbons Announces Brokered Private Placement in Connection with Proposed Change of Business to Become Blockchain Technology Company
(via TheNewswire) Calgary, Alberta / TheNewswire / January 22, 2018 - Africa Hyd...
About this update from Blockchaink2 Corp.
[{"type":"text","content":"Africa Hydrocarbons Announces Brokered Private Placement in Connection with Proposed Change of Business to Become Blockchain Technology Company(via TheNewswire)\n\n \n\n\n \n \nCalgary, Alberta / TheNewswire / January 22, 2018 - Africa Hydrocarbons Inc. (NFK.H: NEX | KNPRF: PNK | KRL1: STU) (the \"Company\") is pleased to announce that it has engaged Mackie Research Capital Corporation (\"MRCC\") to act as agent on a commercially reasonable best efforts basis in connection with a proposed brokered private placement of a minimum of 400,000 subscription receipts and a maximum of 800,000 subscription receipts of the Company (\"Subscription Receipts\") at a price of CAD$1.25 per Subscription Receipt for minimum gross proceeds of CAD$500,000 and maximum gross proceeds of CAD$1,000,000 (the \"Brokered Private Placement\").\n\n \n \nThe Brokered Private Placement is being completed in conjunction with the previously announced proposed \"Change of Business\" (\"COB Transaction\") pursuant to the policies of the TSX Venture Exchange (the \"Exchange\"), with the result that the Company will become a blockchain technology company, listed on the Exchange. \n\n \n \nEach Subscription Receipt will entitle the holder to receive, without further consideration or action, one (1) common share of the Company (\"Common Share\") and one-half of one (1/2) Common Share purchase warrant (each whole Common Share purchase warrant, a \"Warrant\"), upon satisfaction of certain release conditions, including the satisfaction of applicable conditions precedent of the COB Transaction. The gross proceeds from the sale of the Subscription Receipts will be held in escrow pending the completion of the COB Transaction, unless the Exchange grants a waiver for earlier release of such escrow. If the COB Transaction is not completed, holders of the Subscription Receipts will be entitled to receive the full purchase price of their Subscription Receipts, together with their pro rata share of interest earned thereon.\n\n \n \nEach Warrant will entitle the holder to purchase one (1) Common Share at an exercise price of CAD$2.00 per Common Share for 12 months from the date of issuance (the \"Time of Expiry\"). The Warrants will contain an acceleration right in favor of the Company that will allow the Company to accelerate the Time of Expiry to a date that is a minimum of th...