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eXeBlock Technology Corp C.XBLK.X

Alternate Symbol(s):  EXXBF

eXeBlock Technology Corporation is a Canada-based company. The Company has no revenue from operations. The Company is proceeding with its review of alternate business opportunities.


CSE:XBLK.X - Post by User

Bullboard Posts
Post by krustybraon Jan 21, 2018 1:50pm
149 Views
Post# 27403833

Question about the News release late Friday night

Question about the News release late Friday night

Press release from Newsfile Corp

Company Issues Clarification of Share Release Schedule

Friday, January 19, 2018

 

Company Issues Clarification of Share Release Schedule

21:39 EST Friday, January 19, 2018


Vancouver, British Columbia--(Newsfile Corp. - January 19, 2018) - eXeBlock Technology Corporation (CSE: XBLK) (the "Company" or "eXeBlock") is pleased to provide a clarification to its news release dated November 15, 2017.

Clarification of Pooling Arrangement and Hold Period

The Company would like to clarify the terms of the pooling arrangement and hold period applicable to the common shares of the Company issued upon the exchange of subscription receipts subscribed for pursuant to the non-brokered private placement that closed on October 4 and 6, 2017, respectively (the "Exchanged Shares"). The Exchanged Shares are subject to the following pooling arrangement and hold period:

  1. The Exchange Shares are subject to a voluntary pooling arrangement. This arrangement provides that the Exchange Shares will be held in trust with the Company's transfer agent, National Issuer Services Ltd., and released from the pooling arrangement as follows:
  • 25% of the Exchanged Shares were released on November 16, 2017, which was the date on which the common shares of the Company were listed for trading on the Canadian Stock Exchange (the "Listing Date");
  • 25% of the Exchanged Shares will be released on February 16, 2018 (the date that is 3 months following the Listing Date);
  • 25% of the Exchanged Shares will be released on May 16, 2018 (the date that is 6 months following the Listing Date); and
  • 25% of the Exchanged Shares will be released on August 16, 2018 (the date that is 9 months following the Listing Date).
  • Pursuant to applicable securities laws, the Exchanged Shares are subject to a hold period expiring on February 5 or 7, 2018, respectively. After the expiry of this hold period, the Exchanged Shares are freely tradeable and can be sold without a prospectus exemption.

Prospectus

For more information regarding the Company, including among other things, its business, management, use of proceeds from the subscription receipt financing that closed in October 2017, and capitalization, refer to the Company's prospectus dated November 9, 2017 filed under the Company's profile on SEDAR www.sedar.com and on the Canadian Securities Exchange's ("CSE") website.

About eXeBlock Technology Corporation

eXeBlock is a designer of custom, state-of-the-art blockchain based software applications that provide profitable, secure and efficient solutions to businesses and markets globally. eXeBlock is one of the first Canadian public companies focused on the development of disruptive decentralized applications (DApps) using blockchain technology.

For More Information about the Company, please contact:

Ian Klassen
President & Chief Executive Officer
Email: ian@exeblock.com

Tel: 1-604-899-0106

What is the logic behind this? Will this negatively affect the share price every time 25% more shares are able to be traded?
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