Comment
Author: Admin | 2025-04-27
Of the assets securing such obligations, with the exception of the Bitcoin held by the Company. The Debentures will be the Company’s first lien debt obligations with respect to the Bitcoin held by the Company. If the liquidation of Bitcoin is insufficient to repay the holders of the Debentures in full, such holders will be considered unsecured creditors for the purposes of the Company repaying such balance owing. Each Warrant will entitle the holder to purchase one Common Share at the exercise price of US$0.28 per Common Share for a period of 36 months from the Closing Date. Following the Closing Date, if the VWAP of the Common Shares is approximately US$0.49 (C$0.70) or more over 10 consecutive trading days, the Company shall have the right upon providing notice to holders of Warrants to accelerate the expiry date of the Warrants to a date at least 30 days following the date of such notice. The Convertible Dentures and the Warrants will be governed by respective indentures to be entered into as of the Closing Date. The Company has also granted the Agents an option (the “Over-Allotment Option”), exercisable in whole or in part, to purchase up to an additional US$750,000 of Debenture Units. If the Over-Allotment Option is exercised in full, the aggregate gross proceeds of the Offering will be US$5,750,000. The net proceeds raised under the Offering are intended to acquire bitcoin, fund growth opportunities, capital expenditures and for general corporate purposes. Upon closing of the Offering, the Company shall pay to the Agents a customary commission for a transaction of this nature, payable in a combination of cash and Debenture Units. The Offering will be made on a private placement basis in each province of Canada pursuant to available prospectus exemptions, in the United States pursuant to available
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