Blockchain Holdings Ltd (CSE:BCX) (OTCMKTS: UTOLF) closed an oversubscribed private placement of C$1.6 million to complete the acquisition of self-quarantine monitoring system TraceSAFE.
TRACEsafe is a unique set of patent-protected health and safety products, including a bracelet with an embedded chip and related software to track the wearer's location.
The offering, originally planned for C$1 million, was boosted to accommodate additional subscribers and closed at C$1,605,699.
READ: Blockchain Holdings closes first tranche of oversubscribed private placement after game-changing TRACEsafe acquisition
Additional proceeds will be used to fund the expansion of the TraceSAFE business and for general working capital, the company said in a statement Thursday.
TRACEsafe’s disposable bracelets are currently being used by the Hong Kong government to manage and enforce its quarantine program for foreign visitors. The program’s success spurred Blockchain Holdings to roll out TRACEsafe in multiple countries in the coming weeks and months.
The firm said recently that confirmed orders exceed 65,000 units.
Under the terms of the latest financing, Blockchain issued an additional 433,333 units priced at C$0.30 for gross proceeds of C$130,000. Each unit is comprised of one share and one-half of one warrant exercisable at C$0.50 for a two-year period following the closing date of the transaction.
Blockchain Holdings also said that it plans to file its annual financial statements by June 15, 2020 under the relief plan offered by the Ontario Securities Commission in light of the coronavirus pandemic.
The Tortola, British Virgin Islands-based firm noted a couple of material business developments that have been publicly disclosed since the filing of its last quarterly financials for the period ended September 30, 2019, including the TRACESafe acquisition. In November 2019, Blockchain’s subsidiary Wishland Properties Limited closed its C$1.2 million investment in Airbeam Wireless Technologies.
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