Mr.
Etienne Moshevich reports
PLANET VENTURES ANNOUNCES PROPOSED CAD $5,000,000 CONVERTIBLE DEBENTURE FINANCING TO FURTHER ACCELERATE BITCOIN TREASURY STRATEGY
Planet Ventures Inc.
intends to raise up to
$5-million through a private placement of
convertible debentures to further enhance its
bitcoin treasury strategy.
The debentures will bear an interest rate of
12 per cent per annum and shall mature
24 months from the date of issuance. At any time during the term prior to maturity, the principal amount of the debentures is
convertible into common shares
of the company at a conversion price of
50 cents per share.
"This is a pivotal moment for us. Not only will this financing enable us to propel our bitcoin purchases and increase our treasury holdings substantially, but it will show the world that we have what it takes to raise the necessary capital to continue our strategic goal or buying as much bitcoin as possible,"
said Etienne Moshevich, chief executive officer of Planet Ventures. "This financing structure provides Planet with a low-cost, non-dilutive capital in the short term while giving investors upside exposure through the conversion feature. The net proceeds will be used exclusively to acquire additional bitcoin, further reinforcing our commitment to building long-term shareholder value through digital asset ownership."
The debentures will be secured against the assets of the company. Completion of the offering is subject to customary closing conditions and regulatory approvals, including approval of the Canadian Securities Exchange.
As of today's announcement, Planet Ventures holds
28.8 bitcoin
on its balance sheet.
"With over 28.8 bitcoin today, an additional approximately $11.5-million in cash and marketable securities which we are in the process of selling to acquire more bitcoin, as well as this $5-million financing, I believe we are in an incredible position to cement ourselves as the premier bitcoin treasury company in Canada,"
said Mr. Moshevich.
The company remains focused on becoming a leading publicly traded vehicle for long-term bitcoin exposure in Canada.
It is expected that certain insiders of the company may participate in the offering. The participation by insiders in the offering will constitute a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders
in Special Transactions. The company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under subsections 5.5(a) and 5.7(a) of MI 61-101 on the basis that as neither the fair market value of the subject matter of nor the fair market value of the consideration for the offering, insofar as it involves related parties, will exceed 25 per cent of the company's market capitalization. The offering is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals. All securities issued in connection with the offering will be subject to a statutory hold period of four months and one day in accordance with applicable securities laws.
About Planet Ventures Inc.
Planet Ventures is an investment issuer that focuses on acquiring bitcoin.
We seek Safe Harbor.
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