Cypherpunk Holdings Inc. Announces Closing of CAD$10 Million Private Placement with Institutional Investors
Toronto, Ontario--(Newsfile Corp. - March 24, 2021) - Cypherpunk Holdings Inc. (CSE: HODL) ("Cypherpunk" or the "Company"), a sector leader for privacy-technology investments, is pleased to announce that has completed its previously announced private placement (the "Private Placement") of its common shares ("Common Shares") and common share purchase warrants ("Warrants") to certain institutional investors for aggregate gross proceeds of approximately CAD$10 million. Pursuant to the Private Placement, the Company issued an aggregate of 29,411,766 Common Shares and 14,705,883 Warrants at a purchase price of CAD$0.34 per each Common Share and associated one-half of one Warrant. Each whole Warrant entitles the holder to purchase one Common Share at an exercise price of CAD$0.395 per Common Share for a period of three years and one day following the issuance date.
H.C. Wainwright & Co. acted as the exclusive placement agent for the Private Placement.
The net proceeds of the Private Placement are expected to be used by the Company to make investments in accordance with its investment strategy, including possible investments in cryptocurrencies and companies, technologies and protocols that enhance or protect privacy often in the blockchain ecosystem, and for general working capital purposes.
On completion of the Private Placement, H.C. Wainwright & Co. received (i) a cash commission equal to 7.0% of the gross proceeds of the Private Placement, and (ii) 2,058,824 non-transferable common share purchase warrants (the "Broker Warrants"). Each Broker Warrant entitles the holder to purchase one Common Share at an exercise price of CAD$0.425 for a period of three years and one day following the issuance date.
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