A-Labs Capital I Corp. Announces Filing of Filing Statement and Final Closing of BTC’s Concurrent Financing
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VANCOUVER, British Columbia, Dec. 04, 2020 (GLOBE NEWSWIRE) -- A-LABS CAPITAL I CORP. (the “Corporation” or “ALBS”) (TSXV: ALBS.P), a capital pool company, is pleased to announce that it has received conditional approval from the TSX Venture Exchange (the “Exchange” or “TSXV”) for its previously disclosed “Qualifying Transaction” (the “QT”) with BTC Corporation Holdings Pty Ltd. (“BTC”) and the shareholders of BTC. The conditional approval is valid for a 90-day period commencing on December 2, 2020.
The Exchange has also approved the filing of the Corporation’s filing statement dated November 30, 2020 (the “Filing Statement”), prepared in connection with the QT and available under the Corporation’s SEDAR profile at www.sedar.com.
Update on Anticipated Closing Date of the QT
The QT is expected to close on or about December 31, 2020, or such other date as may be agreed upon by the Corporation and BTC, assuming the satisfaction of all conditions precedent to the QT, including without limitation, approval of the listing of the common shares of the resulting entity (“Resulting Issuer Shares”) and final acceptance to the QT from the Exchange, the Corporation’s completion of the consolidation and the name change to “Banxa Holdings Inc.”, or such other name as BTC may determine. In addition, the proposed issuance of 711,900 Resulting Issuer Shares to Zeus Capital Ltd., an entity controlled by a director of the Corporation, in satisfaction of certain consulting services provided to BTC, is subject to receipt of disinterested shareholder approval from the Corporation’s shareholders by way of written consent.
Upon completion of the QT, the Corporation expects the Resulting Issuer Shares to commence trading on the TSXV under the symbol “BNXA”.
Completion of the Concurrent Financing
Further to the Corporation’s news release dated November 18, 2020, BTC completed its non-brokered private placement (the “Concurrent Financing”) of 2,316 subscription receipts of BTC (each, a “Subscription Receipt”) (which will automatically convert into 2,316 shares of BTC immediately prior to closing of the QT and be exchanged for 4,025,208 Resulting Issuer Shares) on November 30, 2020 for combined gross proceeds of approximately AUD$4,226,700 (CAD$4,025,208). Each Subscription Receipt was issued at a price of AUD$1,825.