BIGG Digital Assets Inc. Announces Closing of Oversubscribed $6,900,000 Offering

Nachrichtenquelle: globenewswire
30.11.2020, 15:26  |  337   |   |   

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

VANCOUVER, British Columbia, Nov. 30, 2020 (GLOBE NEWSWIRE) -- BIGG Digital Assets Inc. (“BIGG” or the “Company”) (CSE: BIGG; OTCQB: BBKCF; WKN: A2PS9W) is pleased to announce that it has closed its previously announced short form prospectus offering (the “Offering”) of 28,750,000 units of the Company (each, a “Unit”) at a price of $0.24 per Unit for aggregate gross proceeds of $6,900,000. The number of Units includes an additional 3,750,000 Units pursuant to the exercise of the Underwriters’ over-allotment option.

Each Unit is comprised of one common share (each, a “Common Share”) and one one-half Common Share purchase warrant of the Company (each such full warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share (each, a “Warrant Share”) at a price of $0.30 per Warrant Share for a period of 24 months following the closing of the Offering, subject to an accelerated expiry if the volume-weighted average price of the Common Shares on the Canadian Securities Exchange (the “CSE”) (or other applicable exchange) is equal to or greater than $0.60 per Common Share for ten consecutive trading days.

The Offering was made pursuant to an underwriting agreement dated November 11, 2020, as amended (the “Underwriting Agreement”) among the Company and a syndicate of underwriters led by PI Financial Corp., as sole-lead underwriter, and including Canaccord Genuity Corp., Echelon Wealth Partners, Haywood Securities Inc. and M Partners Inc. (collectively, the “Underwriters”). Certain purchasers on the president’s list purchased 2,083,333 Units for an aggregate gross proceeds of $500,000 (the “President’s List”). The Company has agreed to pay the Underwriters a cash fee equal to 6% of the gross proceeds from the Offering and 3% of the gross proceeds of the Offering from purchasers on the President’s List. In addition, upon closing of the Offering, the Company has agreed to issue the Underwriters non-transferable broker warrants (each, a “Broker Warrant”) equal to 6% of the total number of Units sold pursuant to the Offering and 3% of the total number of Units sold to the President’s List. Each Broker Warrant will be exercisable for one Common Share (the “Broker Warrant Share”) at a price of $0.24 per Broker Warrant, and is exercisable for a period of 24 months from today’s date. The Company has also agreed to pay the Underwriters a corporate finance fee of $50,000 payable in cash (plus applicable taxes).

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Disclaimer

BIGG Digital Assets Inc. Announces Closing of Oversubscribed $6,900,000 Offering NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S. VANCOUVER, British Columbia, Nov. 30, 2020 (GLOBE NEWSWIRE) - BIGG Digital Assets Inc. (“BIGG” or the “Company”) (CSE: BIGG; OTCQB: BBKCF; WKN: A2PS9W) is pleased to …

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