Bitrush Corp. Announces $1,000,000 Non-Brokered Private Placement
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO US NEWSWIRES
Toronto, Ontario (FSCwire) - BitRush Corp. (“BitRush” or the “Corporation”) is pleased to announce that it intends to complete a non-brokered private placement financing for aggregate gross proceeds of up to CDN$1,000,000 (the "Offering"). The Offering will consist of the sale of units ("Units") at CDN$0.25 per Unit.
Each Unit will consist of one Common Share and one half of one Common Share purchase warrant (2 half warrants constitute a "Warrant"). Each Warrant will entitle the holder to acquire one Common Share for CDN$0.50 for a period of two (2) years from the date of issuance, with a 20 day Volume Weighted Average Price (VWAP) accelerator clause at CDN$0.90.
The securities issued pursuant to the Offering will be subject to a four month and one day statutory hold period. In connection with Offering, certain finders may receive a cash commission and/or non-transferable finder Warrants.
BitRush intends to use the net proceeds from the Offering to further the business, marketing and for working capital purposes. In a joint effort with strategic partners the Corporation is planning an Initial Coin Offering (ICO) later this year to help finance the global rollout of its cryptographic and blockchain-related ANOON payment platform. The ICO should contribute to build up a global user base with its own cryptographic coin in a highly efficient way.
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange ("CSE") and applicable securities regulatory authorities. BitRush intends to close the Offering on or before September 30, 2016.
About BitRush
BitRush Corp. is a pioneering Canadian FinTech company focused on cryptographic blockchain technology. BitRush™ has chosen to go to the public markets as a startup to allow all types of investors, from individuals to institutions, to participate in the potential value appreciation of a FinTech “startup built by grownups”, that otherwise would usually have taken place in the private markets accessible only to VCs and accredited investors.
BitRush™ (www.BitRush.co), based in Toronto, but with teams active in Asia, Eastern Europe, Western Europe and North America has 3 main business verticals all built on our core universal transaction processing technology ANOON™, which includes payment processing services (www.ANOON.co), gaming technologies (www.WaggaWagga.co) and online advertising services (www.AdBit.co). We either use these technologies in our own businesses or provide our services to or for qualified partners and or clients.
BitRush operates a range of websites with more than 20 million Unique Users per month generating up to 50 million nano and micro-payments per month. Those nano and micro-payments are processed by BitRush’s proprietary universal payment platform ANOON (patent pending). BitRush’s ad network AdBit (www.adbit.co) has more than 90,000 registered users on more than 8,000 connected websites generating 2.6 Billion ad impressions per month.
BitRush intends to offer BitRush debit cards to consumers and businesses to perform their payments anywhere Visa and MasterCard debit cards are accepted, worldwide.
BitRush™ offers solutions in the B2C, B2B, C2B and C2C markets. Join BitRush™, either as a consumer user, as a business or both benefiting from our unique services, features and pricing, that only our proprietary blockchain based technologies allow.
With our core technologies already developed, BitRush™ plans to scale each of our businesses.
BitRush Corp. is traded on the Canadian Securities Exchange (CSE: BRH) and the Frankfurt Stock Exchange: (symbol:0XSN).
BitRush, AdBit, WaggaWagga and ANOON are trademarks of BitRush Corp.
FORWARD LOOKING INFORMATION
This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities in any jurisdiction.
This press release contains certain “forward-looking information”. All statements, other than statements of historical fact, that address activities, events or developments that the Corporation believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the expected completion of the Offering; the planned ICO and the Corporation’s intention to offer branded debit cards to consumers and businesses) constitute forward-looking information.
This forward-looking information reflects the current expectations or beliefs of the Corporation based on information currently available to the Corporation as well as certain assumptions including, without limitation, the ability of the Corporation to close the Offering in a timely manner and to use the proceeds therefrom as intended; the ability of the Corporation to complete the ICO and the ability of the Corporation to successfully launch its branded debit cards as anticipated. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Corporation to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Corporation. Factors that could cause actual results or events to differ materially from current expectations, include, but are not limited to, the lack of investor interest in the Offering; the inability of the Corporation to close the Offering in a timely manner, if at all, and on the terms set forth herein; the inability of the Corporation to complete its planned ICO as intended; the Corporation’s failure to roll out its ANOON payment platform; the failure to develop and sell branded debit cards and the use thereof being inferior than as anticipated by the Corporation; and competition from others delivering cryptographic payment solutions.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Corporation disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Corporation believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
On behalf of the Board of Directors,
Karsten Arend
President, Director
For further information, contact Werner Boehm at werner.boehm@bitrush.co or Karsten Arend at karsten.arend@bitrush.co.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/bitrush09092016.pdf
Source: BitRush Corp. (CSE:BRH)
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