Intellabridge Technology Corporation Announces Closing of Private Placement and Appointment of Sheldon Inwentash as Strategic Advisor
Vancouver, British Columbia and Boulder, Colorado--(Newsfile Corp. - February 18, 2021) - Intellabridge Technology Corporation (CSE: INTL) (OTC Pink: CRBTF) (FSE: 98AA), a blockchain technology company, is pleased to announce that the Company has closed a non-brokered private placement offering (the "Offering"), pursuant to which the Company issued 2,500,000 units of the Company (the "Units"), at a price of C$0.15 per Unit (the "Offering Price"), for aggregate gross proceeds of approximately C$375,000 (the "Offering") from ThreeD Capital Inc. ThreeD is a publicly-traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors. ThreeD's investment strategy is to invest in multiple private and public companies across a variety of sectors globally. ThreeD seeks to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services and access to the ThreeD's ecosystem.
Each Unit consists of one common share (a "Common Share") and one common share purchase warrant of the Company (a "Warrant"). Each Warrant will be exercisable to acquire one Common Share at an exercise price of C$0.45 per share, subject to adjustment in certain events, for a period of two years following February 17, 2021 (the "Closing Date") provided, however, that if, after the first 6 months following the Closing Date, the volume-weighted average trading price of the Common Shares on the Canadian Securities Exchange is equal to or greater than CDN $0.52 for any consecutive trading day period, the Corporation, may, upon providing written notice to the holder of Warrants, accelerate the expiry date of the Warrants to the date that is 30 days following the date of such written notice.
"We are very excited that Sheldon Inwentash, Founder, Chairman and CEO of ThreeD Capital Inc. has agreed to join Intellabridge as Strategic Advisor to Intellabridge's newly formed Board of Advisors. Mr. Inwentash is an astute and clear visionary, with valuable knowledge and experience of the industry," said John Eagleton, Chief Executive Officer of Intellabridge. "We are gratified by Sheldon and ThreeD's vote of confidence in Intellabridge."
All securities issued in connection with the Offering are subject to a four month and one day hold period from the Closing Date in accordance with applicable securities laws. The Company intends to use the net proceeds from the Offering for capital expenditures including Kash product development, marketing, branding and business development, working capital, and general corporate purposes.
About Sheldon Inwentash, B.Comm., CA., CPA., LL.D
Mr. Inwentash is the Founder, Chairman and CEO of ThreeD Capital Inc.
Mr. Inwentash has more than 30 years of investing experience. He co-founded Visible Genetics, the first commercial pharmacogenomics company, in 1994 and exited in 2001 to Bayer. Through two decades leading Pinetree Capital, Mr. Inwentash created significant shareholder value through early investments in Queenston Mining (acquired by Osisko Mining Corp. for $550-million), Aurelian Resources (acquired by Kinross for $1.2-billion) and Gold Eagle Mines (acquired by Goldcorp for $1.5-billion) to name a few.
Mr. Inwentash obtained his B.Comm from the University of Toronto and is a Chartered Professional Accountant. In 2007, he was an Ontario finalist for the Ernst & Young entrepreneur of the year award. In 2012, Sheldon received an honorary degree, doctor of laws (LL.D) from the University of Toronto for his valuable leadership as an entrepreneur, his philanthropy, and inspirational commitment to making a difference in the lives of children, youth and their families.
About Intellabridge Technology Corporation
Intellabridge Technology Corporation (CSE: INTL) (OTC Pink: CRBTF) (FSE: 98AA) is a venture builder investing in blockchain technologies with a focus on fintech and decentralized financial ("DeFi") solutions.
For more information, visit www.intellabridge.com.
ON BEHALF OF THE BOARD of DIRECTORS INTELLABRIDGE TECHNOLOGY CORPORATION
John Eagleton, CEO
To contact Intellabridge:
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of any of the word "will" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
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