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360 Blockchain set for C$2mln raise

Last updated: 13:00 30 Jan 2018 EST, First published: 11:38 29 Jan 2018 EST

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The firm wants to "accelerate the development and application of revolutionary blockchain technologies by investing capital and expertise"

360 Blockchain Inc (CSE:CODE) has arranged a C$2mln placing to be used for working capital and potential business investments.

Units will be issued at 15 cents a pop, with each consisting of one share and one warrant.

Each warrant entitles the holder to subscribe for one further share  at 20 cents each for two years.

The firm retains the right to accelerate the expiry date if shares of the company trade at 50 cents or above for ten trading days.

Earlier this month, 360 closed its previously announced acquisition of 60% of shares in Silicon Valley-based SV CryptoLab.

It has the option to purchase the remaining 40% for US$75,000.  The company paid US$250,000 and issued 5,000,000 shares.

During working hours, SV CryptoLab is a cutting-edge facility open to the public and blockchain and cryptocurrency enthusiasts are invited to attend weekly meets and hackathons free of charge.

But on nights and weekends, the facility’s hardware is dedicated to mining cryptocurrency, a computationally intensive process that sits at the heart of Bitcoin and other cryptocurrencies.

SV CryptoLab utilises a proprietary evaluation algorithm to determine the most attractive cloud-mining contracts.

Shares in Toronto today (Tuesday) are at C$0.16.

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