TAAL Provides Update on Public Offering
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VANCOUVER, BC, March 4, 2021 /CNW/ - TAAL Distributed Information Technologies Inc. (CSE: TAAL) (FWB: 9SQ1) ("TAAL" or the "Company") a vertically integrated, blockchain infrastructure and service provider for enterprise, is pleased to announce that further to the Company's press release dated March 2, 2021, two of its existing securityholders have, in the aggregate, committed USD$20.0 million to the Company's public offering (the "Offering") of units of the Company (the "Units") at a price of $4.60 per Unit. With these commitments, together with additional expressions of interest from multiple institutional and retail investors, the minimum offering size of $26.0 million has been well exceeded, and we continue to see strong investor demand.
The Offering continues to be conducted on a "best efforts" agency basis through a syndicate of agents led by Canaccord Genuity Corp. as lead agent and sole bookrunner and including Cantor Fitzgerald Canada Corporation, Paradigm Capital Inc. and Leede Jones Gable Inc. (collectively, the "Agents"), in all of the provinces of Canada, other than Québec., and in such other jurisdictions as the Company and the Agents may agree, on an exempt basis in accordance with applicable securities laws.
As previously announced on March 2, 2021, the Company has filed a preliminary short form prospectus in connection with the Offering. The Offering is expected to close on such date as agreed upon among the Company and the Agents, and is subject to certain conditions including, the execution of a definitive agency agreement between the Company and the Agents, and the receipt of all necessary regulatory and stock exchange approvals.
The preliminary prospectus contains important information relating to the Offering and is available under the Company's SEDAR profile at www.sedar.com.
The securities offered 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 applicable U.S. state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. persons" (as such term is defined under Regulation S under the U.S. Securities Act) absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. 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 jurisdiction in which such offer, solicitation or sale would be unlawful.
About TAAL Distributed Information Technologies Inc.
TAAL Distributed Information Technologies Inc. delivers value-added blockchain services, providing professional-grade, highly scalable blockchain infrastructure and transactional platforms to support businesses building solutions and applications upon the Bitcoin Satoshi Vision ("Bitcoin SV") platform, and developing, operating, and managing distributed computing systems for enterprise users.
Visit TAAL online at www.taal.com
The CSE, nor its Regulation Services Provider, accepts no responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements included in this news release constitute "forward-looking information" as defined under applicable securities laws. The words "will", "intends", "expects" and similar expressions are intended to identify forward-looking information, although not all forward-looking information will contain these identifying words. Specific forward-looking information contained in this news release includes but is not limited to statements regarding: the Offering, including the amount to be raised under the Offering; the expected participation of existing securityholders, and the closing of the Offering. These statements are based on factors and assumptions related to historical trends, current conditions and expected future developments. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. TAAL cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from expectations. Material risk factors include the future acceptance of Bitcoin SV and other digital assets and risks related to information processing using those platforms, the ability for TAAL to leverage intellectual property into viable income streams and other risks set out the Preliminary Prospectus and the Annual Information Form incorporated by reference therein. Given these risks, undue reliance should not be placed on the forward-looking information contained herein. Other than as required by law, TAAL undertakes no obligation to update any forward-looking information to reflect new information, subsequent or otherwise.
SOURCE Taal Distributed Information Technologies Inc.
Matt Whitcomb, Investor Relations, [email protected], 604-260-6142; Stefan Matthews, CEO & Executive Chairman, [email protected]; Chris Naprawa, President, [email protected]
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