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HashChain Technology Inc. Announces $5 Million Non-Brokered Private Placement of Digihost International Inc.
(via TheNewswire) Not for distribution to U.S. Newswire Services or for release, public...
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[{"type":"text","content":"HashChain Technology Inc. Announces $5 Million Non-Brokered Private Placement of Digihost International Inc.(via TheNewswire)\n \n \nNot for distribution to U.S. Newswire Services or for release, publication, distribution or dissemination directly, or indirectly, in whole or in part, in or into the United States.\n\n \n \nVancouver, BC / TheNewswire / June 11, 2019 - HashChain Technology Inc. (\"HashChain\" or the \"Company\") (TSXV: KASH; OTCQB: HSSHF) is pleased to announce that Digihost International, Inc. (\"Digihost\") intends to complete a non-brokered private placement in connection with the announced reverse takeover transaction (the \"Proposed Transaction\") with HashChain and Digihost, previously disclosed in the Company's press releases of March 28, 2019, April 26, 2019 and June 7, 2019.\n\n\n \nDigihost Financing\n\n \n \nIn order to meet initial listing requirements for the issuer resulting from the Proposed Transaction (the \"Resulting Issuer\"), Digihost intends to conduct a non-brokered private placement of up to 4,166,666 subscription receipts (the \"Subscription Receipts\"), at a price of $1.20 per Subscription Receipt for gross proceeds of up to $5,000,000 (the \"Financing\").\n\n \n \nEach Subscription Receipt will be automatically converted, without payment of additional consideration, into one unit in the capital of Digihost (a \"Unit\") upon completion of the Proposed Transaction and subject to other conditions precedent. Each Unit consists of one (1) common share (a \"Digihost Common Share\") and one (1) common share purchase warrant (a \"Digihost Warrant\") exercisable for a Digihost Common Share at a price of $1.75 for a period of eighteen (18) months following the conversion of the Subscription Receipts. Subsequent to the conversion of the Subscription Receipts it is anticipated that that the Digihost Common Shares and Digihost Warrants will be exchanged for equivalent HashChain securities on a 1:1 basis. The net proceeds of the Financing will be held in escrow pending satisfaction of the escrow release conditions, which includes TSX Venture Exchange (the \"Exchange\" or \"TSXV\") final approval for the Proposed Transaction.\n\n \n \nThe Financing is intended to close on or about June 28, 2019.\n\n \n \nInvestors are cautioned that, except as disclosed in the management information circular to be prepa...