ACANA CAPITAL CORP CLOSES $3.5 MILLION PRIVATE PLACEMENT
Vancouver, British Columbia, September 19, 2017 – Acana Capital Corp. [CSE:ACM/FF:711] (the “Company” or “Acana”) is pleased to announce that it has completed its previously announced non-brokered private placement offering (the “Offering”) (see press releases of July 28 and August 8, 2017) for gross proceeds of $3,500,000 through the sale of 10,000,000 shares at a price of $0.35 per share. The private placement was fully subscribed.
In connection with the Offering, the Company paid eligible finders a cash commission of $20,650 and issued 267,634 finders shares.
All securities issued in connection with the Offering are subject to the following release schedule: 33% release in eight months of closing; 33% release in 11 months of closing; and 34% in 14 months from the date of closing of this financing. Completion of the offering is concurrent to, and a condition of, the previously announced acquisition of Blockchain Technology Group Inc. (“BIG”) (see press release dated July 28, 2017), the premier provider of blockchain search and data analytics globally.
Two insiders of the Company subscribed for an aggregate of 125,000 shares, which constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The issuance to the insiders is exempt from the formal valuation and the minority shareholder approval requirements of MI 61-101 as the fair market value of the shares issued to or the consideration paid by such person did not exceed 25% of the Company’s market capitalization.
Blockchain is headquartered in Vancouver, BC, Canada and is an information technology company. As a developer of blockchain technology solutions, search and data analytics, Blockchain’s proprietary platforms will globally target Governments, Law Enforcement and the FinTech sector. Blockchain presently has two products: QLUE and BitRank. QLUE is an API (application program interface) platform for law enforcement to aid in the fight against financial crimes involving Bitcoin. It incorporates various techniques and advanced search algorithms to detect suspicious activity within Bitcoin transactions use of “dark web” tools such as TOR and other methods commonly used by criminals to cover illegal activities. BitRank is a wallet risk scoring system that uses search and analytics systems to determine safety level of a Bitcoin transaction by ranking the wallets involved in the transaction on the blockchain. Additional information is available on Blockchain website at www.blockchaingroup.io.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities issued, or to be issued, under the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
ON BEHALF OF THE BOARD
Chief Financial Officer