INTERBIT ANNOUNCES ACCEPTANCE OF SUBSCRIPTION AGREEMENTS FOR $1.725 MILLION WORTH OF COMMON SHARES IN CONNECTION WITH PRIVATE PLACEMENT

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, March 11, 2020 (GLOBE NEWSWIRE) -- INTERBIT LTD. (TSX Venture: IBIT) (the “Company”) is pleased to announce that it has accepted and executed subscription agreements for $1.725 million worth of common shares of the Company (the “Common Shares”) in connection with its previously announced non-brokered private placement (the “Private Placement”) of a minimum of 6,666,666 Common Shares and a maximum of 11,500,000 Common Shares of at a price of CAD$0.15 per share (see the Company’s March 6, 2020 press release).  Accordingly, the Company has instructed its transfer agent to issue and deliver the Common Shares in connection with such subscription agreements.

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”).

ABOUT THE COMPANY

The Company owns proprietary technologies and is listed on the TSX Venture Exchange. 

For further information please contact:

Brian Hinchcliffe, CEO
Phone: [phone]
Email: [e-mail]
Website: www.interbit.io

This press release is not an offer of the Company’s securities for sale in the United States. The Company’s securities may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) and applicable U.S. state securities laws. The Company will not make any public offering of its securities in the United States.  The Company’s securities have not been and will not be registered under the U.S. Securities Act.