Vancouver, British Columbia, March 12, 2024 (GLOBE NEWSWIRE) — CryptoBlox Technologies Inc. (“CryptoBlox” or the “Company“) (CSE: BLOX ) announces that it has agreed with certain of its creditors to issue an aggregate of 109,090 common shares (the “Settlement Shares”) to such creditors in exchange for outstanding accounts payable (the “Shares for Debt Transaction”) in the aggregate amount of CA$60,000 (the “Debt”) owing to certain creditors (the “Creditors”). The Settlement Shares are being issued at a price of $0.55, in accordance with the policies of the Canadian Securities Exchange (the “CSE”).
The Company is completing the Shares for Debt Transaction to improve its financial position by reducing its existing liabilities. All Settlement Shares will be subject to a four-month and one-day hold period. The Shares for Debt Transaction remain subject to CSE acceptance. No new control person of the Company will be created pursuant to the Shares for Debt Transaction.
“I wanted to lead by example in converting my debts into shares of the Company at $0.55 per share, which was the same price as our last acquisition,” stated Akshay Sood, CEO of CryptoBlox.
“This debt conversion makes it clear that our debtors, stakeholders and I believe in the long-term value of CryptoBlox and envision that we will be a top performer within the industry as we have just begun to execute on our diversified Blockchain Ecosystem strategy,” added Mr. Sood.
The Shares for Debt Transaction constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) as it is anticipated that Mr. Sood, will be issued Settlement Shares in connection with the debt settlement. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the shares for debt transaction with the forgoing insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the debt settlement, which the Company deems reasonable in the circumstances as the Company wishes to improve its financial position by reducing its existing liabilities.
On behalf of the Company,
Akshay Sood
Chief Executive Officer
About CryptoBlox Technologies Inc.
CryptoBlox Technologies Inc. is a blockchain technology infrastructure company focusing on building out its diversified Blockchain Ecosystem Strategy that consists of Infrastructure & Sustainable Digital Asset Mining, Sustainable Mining Products & Technology, and Structured Digital Asset Products & Blockchain Payments. The Company’s Infrastructure will be based on the value chain that stems from off-grid/alternate energy powered digital asset mining, along with a diversified portfolio of sustainable mining and blockchain fintech products and services enabled by both the Sustainable Mining Products & Technology and Structured Digital Asset Products & Blockchain Payments divisions. The Company will be focused on providing alternate energy solutions to power digital asset mining operations throughout North America – with the first site being in Redwater, Alberta. By using alternative energy sources and state-of-the-art operations techniques, the Company will be positioned to achieve a high degree of financial optionality and long-term operational certainty, which can result in some of the cleanest and lowest-cost digital asset mining operations in the world.
For further information about the Company, please visit www.cryptoblox.ca or call 236-259-0279.
Forward-Looking Statements
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans, and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward- looking statements in this news release include, but are not limited to, statements respecting: CryptoBlox being a top performer within the industry and its ability to execute on its diversified blockchain ecosystem strategy. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements, or otherwise.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
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