INX Limited Closes CA$39.6 Million Subscription Receipt Private Placement in Connection with Going-Public Transaction
PR88817
NEW YORK and TORONTO, Apr. 2, 2021 /PRNewswire=KYODO JBN/ --
INX Limited ("INX") is pleased to announce that it has closed its previously
announced private placement of subscription receipts (each, a "Subscription
Receipt") at CA$1.25 per Subscription Receipt for aggregate gross proceeds of
CA$39,600,000 (the "Financing").
The Financing was conducted in connection with INX's going-public transaction
on the TSX Venture Exchange via a Reverse Take Over of Valdy Investments Ltd.
("Valdy"), whereby Valdy will acquire all of the issued and outstanding shares
of INX (the "Transaction") pursuant to the terms of a securities exchange
agreement dated March 31, 2021 among Valdy, INX, the securityholders of INX,
and the Co-Lead Agents (as defined below) in exchange for the issuance of Valdy
securities to the former securityholders of INX. Upon completion of the
Transaction, INX will become a wholly-owned subsidiary of Valdy, and the
combined entity (the "Resulting Issuer") will continue the business of INX.
Shy Datika, Co-Founder & President of INX commented, "INX breaks new ground by
connecting the legacy world of equity capital markets with the innovative
blockchain-based digital asset class. We are the first company to issue a
Security Token through an SEC-registered public offering, and we fortify it now
with further transparency and regulatory clarity with this upcoming listing. We
strongly believe that digital assets are the future of equity capital markets,
and aim to become the bridge between both worlds."
Additional details regarding the private placement and the Transaction are
included in a Form 6-K filed with the Securities and Exchange Commission on
March 31, 2021.
The brokered portion of the Financing was conducted through a syndicate of
agents led by PI Financial Corp. and Eight Capital (together, the "Co-Lead
Agents"), and including Beacon Securities Limited and Cormark Securities Inc.
(together with the Co-Lead Agents, the "Agents").
The completion of the Transaction is subject to the satisfaction of various
conditions as are standard for a transaction of this nature, including but not
limited to the approval of the TSX Venture Exchange.
Not for distribution to United States newswire services or for dissemination in
the United States. This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United States or to
U.S. Persons unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is available.
About INX
INX aims to provide a regulated trading platform for digital securities
combining traditional markets expertise and a novel fintech approach. INX is
led by an experienced team of business, finance, and blockchain technology
experts unified by the vision of redefining the world of capital markets via
the leveraging of blockchain technology and an innovative regulatory approach.
For further information please contact:
Douglas C. Borthwick
CBO, INX Limited
contact@inx.co
Forward-Looking Information
This press release contains "forward-looking information" within the meaning of
applicable securities laws relating to the proposal to complete the
Transaction, the Financing, and associated transactions, including statements
regarding the terms and conditions of the Transaction, the Financing, and the
Resulting Issuer. Forward-looking information consist of statements that are
not purely historical, including any statements regarding beliefs, plans,
expectations or intentions regarding the future. Readers are cautioned to not
place undue reliance on forward-looking information. Actual results and
developments may differ materially from those contemplated by these statements
depending on, among other things, the risks that the parties will not proceed
with the Transaction, the Financing and associated transactions, that the
ultimate terms of the Transaction, the Financing, and associated transactions
will differ from those that currently are contemplated, and that the
Transaction, the Financing and associated transactions will not be successfully
completed for any reason (including the failure to obtain the required
approvals or clearances from regulatory authorities). In developing the
forward-looking information contained herein, the Company has made assumptions
with respect to, among other things, the ability of the parties to satisfy the
conditions to the Transaction, including the receipt of third party consents
and regulatory approvals, as well as other factors believed to be relevant.
Although the Company believes that the assumptions made and the expectations
represented by such information are reasonable, there can be no assurance that
the forward-looking information contained herein will prove to be accurate.
Readers are cautioned that assumptions used in the preparation of any
forward-looking information may prove to be incorrect. Events or circumstances
may cause actual results to differ materially from those predicted, as a result
of numerous known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company. Factors that could cause the
actual results to differ materially from those in forward-looking statements
include, failure to obtain regulatory approval, the continued availability of
capital and financing, and general economic, market or business conditions.
Forward-looking statements contained in this press release are expressly
qualified by this cautionary statement. The statements in this press release
are made as of the date of this release. The Company undertakes no obligation
to comment on analyses, expectations or statements made by third-parties in
respect of the Company, INX, their securities, or their respective financial or
operating results. Except as required by law, the Company disclaims any
intention and assumes no obligation to update or revise any forward-looking
information.
SOURCE: INX Limited
本プレスリリースは発表元が入力した原稿をそのまま掲載しております。また、プレスリリースへのお問い合わせは発表元に直接お願いいたします。
このプレスリリースには、報道機関向けの情報があります。
プレス会員登録を行うと、広報担当者の連絡先や、イベント・記者会見の情報など、報道機関だけに公開する情報が閲覧できるようになります。