CALGARY, Alberta and LONDON, March 06, 2020 (GLOBE NEWSWIRE/KOREA IT TIMES) -- INTERBIT LTD. (TSX Venture: IBIT) (the “Company”) announces that it has increased by 15% the maximum amount of its previously announced non-brokered private placement (the “Private Placement”) (see the Company’s February 18, 2020 press release), such that the proposed Private Placement shall now consist of a minimum of 6,666,666 common shares and a maximum of 11,500,000 common shares of the Company at a price of CAD$0.15 per share for minimum gross proceeds of CAD$1,000,000 and maximum gross proceeds of CAD$1,725,000.
The Company’s decision to increase the size of the proposed Private Placement was as a result of the interest shown in this proposed financing and its position that it should consider all opportunities for funding given the current uncertainty and volatility in the markets.
The net proceeds from the Private Placement will be used in connection with continued operations of the Company, payment of outstanding debts, examining what financial and strategic alternatives may be available to the Company and towards general and administrative expenses.
Any securities issued in connection with the Private Placement are subject to a hold period of four months and one day from the closing of the Private Placement. The Private Placement is subject to certain conditions, including approval of the TSX Venture Exchange (the “TSXV”).
The Company may pay a commission or finder's fee to eligible parties in connection with the Private Placement, subject to the approval of the TSXV and compliance with applicable securities laws.