Blockchain Venture Capital Inc. Announces Private Placement Update

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TORONTO, October 21, 2022 /CNW/ – Blockchain Venture Capital Inc. (the “Company” Where “BVCI“) announces that due to recent market conditions, the terms of its previously announced non-brokered private placement offering on August 22, 2022 (there “Private placement“) were revised by reducing the price per common share (each, a “To share“) of $2.50 per share at $1.25 per share and bringing the total number of shares issuable under the private placement to 640,000 shares. All other terms and conditions of the Private Placement will remain the same, with the aggregate gross proceeds remaining until $800,000.

The Company intends to use the proceeds of the private placement to fund corporate expenses and general working capital requirements related to the development of the Company’s BvcPay platform and CADT.

All securities issued pursuant to the private placement will be subject to a hold period expiring four months and one day from the date of issue.

The Private Placement may be completed in multiple tranches and is subject to receipt of executed subscription agreements and funds and certain conditions, including, but not limited to, receipt of all necessary approvals, including Canadian Stock Exchange approval.

This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under titles. laws of that jurisdiction. This press release does not constitute an offer of securities for sale in United States. The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold in United States absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements.

About the company

BVCI is a Ontario company incorporated and registered as a Money Services Business with the Financial Transactions and Reporting Analysis Center of Canada (FINTRAC). It is a provider of innovative technology infrastructure for participants in the emerging blockchain and distributed ledger technology industry. BVC Chain, a proprietary blockchain platform and distributed ledger technology, which can operate as a centralized or decentralized ledger, is critical to BVCI’s business and growth strategy. BVC Chain was designed to be a turnkey solution, which can be customized and implemented by organizations wishing to deploy solutions, products or services based on a blockchain platform. BVC Chain will also serve as the platform and infrastructure for BvcPay and CADT. BvcPay is a cloud-based mobile application that is intended to have the ability to function as a digital currency wallet and can facilitate point-of-sale and online transactions using Bitcoin, Ethereum and CADT. CADT is the native digital currency of the BVC chain, and it is intended to be a stablecoin. BVCI’s CADT trading division is expected to issue CADT, a stablecoin supported on a 1:1 basis with an equivalent Canadian dollar amount held in a custodial account. CADT is expected to support real-time pricing, payment, settlement, digital asset issuance and ledger capabilities.

To allow BVCI to carry out its CADT-related activities, BVCI filed an application on June 17, 2021 obtain registration as an exempt market dealer in accordance with applicable securities laws Ontario, albertaand British Columbia. This request is pending and there is no guarantee that BVCI will obtain such registration. Unless and until the Company is registered under applicable securities laws for the purpose of carrying on its CADT-related business, or the Company is otherwise satisfied that it can carry on such business. in accordance with all applicable securities laws, it intends to cause all of its CADT trades to occur through a broker (via the BVC chain) that is listed in a listing category under applicable securities laws that permits CADT to be traded through it, which broker agreement is subject to finalization. Accordingly, there can be no assurance that BVCI will be able to continue its proposed CADT business or any related BvcPay business that relies on CADT.

Forward-looking information and statements

Certain statements in this press release may constitute “forward-looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company or the industry in which it operates are materially different from those future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, the words “estimate”, “believe”, “anticipate”, “intend”, “expect”, “plan”, “may”, “should “, “will”, their negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements relating to the following: the company’s business plans and strategies; the use of the proceeds of the private placement; and the closing and size of the private placement. These statements reflect the current expectations of the management of the Company regarding future events based on information currently available and are based on certain assumptions and are subject to risks and uncertainties that could cause results, performance or actual achievements differ materially from those expressed. or implied by such forward-looking statements, including assumptions and risks relating to obtaining regulatory approvals, obtaining registration of the Company as an exempt market dealer or implementing its arrangement with a registered dealer. These risks and uncertainties are detailed from time to time, including, without limitation, under the heading “Risk Factors”, in the Company’s listing statement, which is available at www.sedar.com., and in other continuous disclosure documents filed by the Company from time to time with the Ontario, alberta or the British Columbia Securities Commissions, available at www.sedar.com and to which readers of this press release are referred for additional information regarding the Company, its prospects and the risks and uncertainties relating to the Company and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of these risk factors or the extent to which any one factor or combination of factors may cause results, performance and actual achievements of the Company may differ materially from those contained in the forward-looking statements. Although the forward-looking statements contained in this press release are based on what management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent and investors should not place undue reliance on forward-looking statements such as a prediction of actual results. results.

The forward-looking information contained in this press release speaks only as of the date hereof. The Company neither undertakes nor assumes any obligation, except as required by law, to release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events. .

No securities commission or regulatory authority has approved or disapproved of the contents of this press release.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release and not approved or disapproved of its content.

SOURCE Blockchain Venture Capital Inc.

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