07:07:22 EDT Thu 28 Mar 2024
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Blackchain Solutions Inc
Symbol BIS
Shares Issued 53,003,938
Close 2018-01-19 C$ 0.24
Market Cap C$ 12,720,945
Recent Sedar Documents

Blackchain's Kalyan resigns as CEO, CFO, director

2018-01-22 11:04 ET - News Release

Mr. Geoff Balderson reports

BLACKCHAIN ANNOUNCES CLOSING OF PRIVATE PLACEMENT AND CHANGES TO THE BOARD OF DIRECTORS

Blackchain Solutions Inc. has closed its non-brokered private placement announced Nov. 7, 2017. A commission was paid on a portion of the private placement.

On closing, the company issued 25 million units at a price of 7.5 cents per unit for gross proceeds of $1,875,000. Each unit comprised one common share and one transferable share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at a price of 10 cents per share for three years from closing of the private placement. A finder's fee of $79,397 cash and 1,058,632 warrants was issued. Each finder warrant entitles the holder to purchase one common share of the company at a price of 10 cents per share for a period of three years, expiring Jan. 17, 2021.

The shares and any shares that are issued pursuant to the exercise of the warrants and the finder warrants are subject to a four-month hold period from the closing of the private placement.

The proceeds of the private placement will be used to launch the Blackchain P2P lending platform, built on top of the BlackIce ERA software suite. The company will announce more detailed information regarding the launch of this new platform in the coming weeks.

Corporate updates

The company further announces that Judy Kalyan has resigned as a director, chief executive officer, chief financial officer and executive chair of the company. The board of directors would like to thank Ms. Kalyan for her dedication and contributions to the company and wish her every success in her future endeavours. Dale Paruk, a director of the company, passed away last month. The company sends its condolences to his family.

The company wishes to fill the board vacancies created with the appointment of Geoff Balderson as a director and chief executive officer of the company and Zayn Kalyan as a director, chief technology officer and interim chief financial officer.

Geoff Balderson

Mr. Balderson has over 17 years of capital market experience and is the president of Flow Capital Corp. and Harmony Corporate Services Ltd., both private consulting companies located in Vancouver, B.C. Mr. Balderson is an officer and director of several other TSX Venture Exchange-listed companies. Mr. Balderson is a former investment adviser with two Canadian securities dealers and a graduate of the University of British Columbia.

Zayn Kalyan

Mr. Kalyan is an experienced manager and software engineer who has been in the fintech (financial technology) space for nearly 10 years. He has served in upper management of Blackchain, formerly BlackIce Enterprise Risk Management, since the company went public in 2014. He has hands-on experience in the day-to-day management of a public company and has directed the development of multiple software products for the financial industry. As chief technology officer of Blackchain, he oversees and participates directly in the development of the company's ERA data platform and successfully delivers it to leading financial institutions globally. Having been involved in the blockchain space since the inception of bitcoin, he brings a strong technical and business background to the leadership of Blackchain.

About Blackchain Solutions Inc.

Blackchain Solutions is a financial analytics and risk management company that focuses on the cryptocurrency economy, leveraging blockchain technology. Building on over 20 years of experience in the financial industry providing services to some of the world's largest financial institutions, Blackchain provides the tools and platform that will transform the lending industry.

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