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Interlapse Announces Closing of $5,000,000 Subscription Receipt Financing and Appoints PI Financial Corp. as Sponsor
Interlapse Announces Closing of $5,000,000 Subscription Receipt Financing and Appoints PI...
About this update from Lqwd Technologies Corp
[{"type":"text","content":"\n \n \n \n Interlapse Announces Closing of $5,000,000 Subscription Receipt Financing and Appoints PI Financial Corp. as Sponsor\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n OR THROUGH U.S. NEWSWIRES/\n \n \n \n \n VANCOUVER, BC\n \n ,\n \n March 23, 2021\n \n /CNW/ - Interlapse Technologies Corp. (TSXV: INLA) (\"\n \n Interlapse\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that it has closed its previously announced non-brokered private placement of 20,000,000 subscription receipts (the \"\n \n Subscription Receipts\n \n \") at a price of\n \n $0.25\n \n per Subscription Receipt for total gross proceeds of\n \n $5,000,000\n \n (the \"\n \n Financing\n \n \").\n \n \n The gross proceeds from the Financing will be held in escrow by Computershare Trust Company of\n \n Canada\n \n as subscription receipt agent and will be released upon completion of the escrow release conditions, which includes completion of the Company's previously\n \n announced\n \n acquisition of 100% of the issued and outstanding shares of LQwD Financial Corp. (\"\n \n LQWD\n \n \"), a decentralized finance company creating enterprise grade infrastructure and institutional liquidity for the Lightning Network, in exchange for common shares of Interlapse (the \"\n \n Transaction\n \n \"). The Lightning Network is a solution to scaling the usage of Bitcoin, dramatically improving upon the fees, as well as the instant settlement times, on the main Bitcoin blockchain.\n \n \n Each Subscription Receipt entitles the holder thereof to receive, upon satisfaction of the escrow release conditions (which will include, among other things, the closing of the Transaction) on or before the escrow release deadline, and without payment of additional consideration therefor one common share in the capital of the Company following completion of the Transaction (the \"\n \n Resulting Issuer\n \n \") and one-half of a common share purchase warrant. Each whole warrant will entitle the holder to purchase one ...