Interbit Announces Proposed Private Placement and Addition to the Board of Directors

NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES.  FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS.

CALGARY, Alberta and LONDON, Feb. 18, 2020 (GLOBE NEWSWIRE) -- INTERBIT LTD. (TSX Venture: IBIT) (the “Company”) announces a proposed non-brokered private placement (the “Private Placement”) of a minimum of 6,666,666 common shares and a maximum of 10,000,000 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$1,500,000.

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.

Addition to Board of Directors

The Company is also pleased to announce that Chelsea Hayes has been appointed to the Board of Directors, effective immediately. 

“Ms. Hayes has been working with the Company for some time on a consulting basis and as the Company awaits feedback on its patent applications in the United States and China, and works to conclude its previously announced strategic review, now is an opportune time for Ms. Hayes to join the Board of Directors,” said Brian Hinchcliffe, CEO and Chairman of the Company. “Her skills and capabilities are beneficial at the Board level as the Company explores and evaluates opportunities or alternatives to maximize shareholder value.”

Ms. Hayes has been working as a marketing and communications advisor for over 25 years.  Ms. Hayes was a Founding Director of financial PR consultancy, Pelham Public Relations, in November 2004, growing it to a 40-strong, £6m business and advising technology, media, mining and energy companies, before merging with Bell Pottinger and then leaving the business.  Since then she has been involved in founding and growing several other businesses in the UK and is currently completing an MBA at Henley Business School.