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:
- 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?