VANCOUVER, British Columbia, Dec. 22, 2017 (GLOBE NEWSWIRE) -- Cascadia Consumer Electronics Corp. (the “Company” or “Cascadia”) (CSE:CK) is pleased to announce that it intends to undertake a non-brokered private placement financing (the “Financing”) through issuance of up to 18,800,000 common shares at a price of $0.50 per share payable in Canadian dollar or such number of bitcoins (BTC) with equivalent value as determined at 6 p.m. (Vancouver Time) on the day before the closing date. The closing shall occur on the date as may be determined by the Company in its sole discretion.
All securities issued in connection with the Financing are subject to a statutory hold period expiring four months and one day after the closing of the Financing. Completion of the Financing is subject to regulatory approval. The Company has been imposed a temporary halt of trading because the Company’s proposed transition to a blockchain/cryptocurrency company needs to be approved by the Canadian Securities Exchange (“CSE”). The Company intends to file a listing statement with the CSE shortly to obtain approval for the proposed fundamental change. The Company will remain halted until the re-qualification for the listing is approved by the CSE. The subscribers of this Financing will not be able to trade the common shares until both the statutory hold period of four months has lapsed and the temporary halt is lifted.
The Company intends to use the proceeds of the Financing towards general working capital and future expansion.
None of the securities issued have been registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
About Cascadia
Listed on the Canadian Securities Exchange (CSE:CK) and headquartered in Vancouver, BC, Cascadia is a technology company operating from both Vancouver Canada and Beijing China.
For further information, please contact:
Cascadia Consumer Electronics Corp.
Garry Wong
Chief Financial Officer
info@cascadiacorp.com
www.cascadiacorp.com
Disclaimer for Forward-Looking Information
All statements, other than statements of historical fact, included herein are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements in this news release include statements regarding the expected use of proceeds from the Financing. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements, including, without limitation, adverse market conditions, that the Canadian Securities Exchange (the “CSE”) may not approve the Financing and such other factors beyond the control of the Company. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
The CSE does not accept responsibility for the adequacy or accuracy of the contents of this news release.