Vancouver (pcJ News Briefs) – BTL Group Ltd. (TSX-V: BTL) intends to close a non-brokered private placement of up to 1,000,000 equity units at $2.70 per unit for gross proceeds of up to $2,700,000.
Each unit will be comprised of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share for a period of 24 months from the date of issuance of the warrant, at an exercise price of $3.25 per share.
BTL intends to use the proceeds from the Private Placement in connection with acceleration of the development of Interbit, BTL’s proprietary blockchain platform and towards general and administrative expenses.
“The past year has seen our blockchain platform, Interbit, successfully tested and piloted by some of the world’s largest companies in finance and energy. We now need to take what we’ve achieved so far to the next level as we get closer to rolling out a commercial product. This will include expanding our business development team in the UK and technical team in Calgary. We are very excited about the future prospects of our Interbit platform and these new funds will greatly assist us with our expansion plans,” said Guy Halford-Thompson, co-founder & CEO of BTL.
Operating from both Canada and the UK, BTL offers blockchain solutions to businesses across multiple industries, in particular the finance, energy and gaming sectors. BTL has built prototypes that showcase the capabilities of its Interbit platform, a proprietary blockchain based interbank payment network and settlement and asset trading solution.
photo credit: BTL Group