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Graph closes $150,000 first tranche of financing

2020-03-11 16:29 ET - News Release

Mr. Govinda Butcher reports

GRAPH BLOCKCHAIN CLOSES FIRST TRANCHE OF FINANCING

Graph Blockchain Inc. has closed the first tranche of its previously announced non-brokered private placement financing to raise up to $500,000 through the issuance of units at three cents per unit. Each unit consists of one common share and one-half of a warrant, with each warrant exercisable at six cents for 24 months. The financing allows the company to commence the creation of its blockchain-supported e-commerce marketplace for the booming psychedelic and ancillary sector, while providing some working capital. The company will close the balance of the financing on or about March 31, 2020.

"While the company and others face global financial uncertainty, we continue to focus on the company's pivot into the psychedelic sector, while building out our blockchain e-commerce marketplace. Closing on the first tranche of our financing is a strong indication and demonstration of support the market has and understands/believes in the company as we embark on our new strategy," commented Govinda Butcher, chief executive office of Graph Blockchain.

A total of five million units were issued under the financing at three cents per unit for gross proceeds of $150,000. Each unit consists of one common share and one-half common share purchase warrant, with each warrant entitling the holder to acquire one additional share at a price of six cents per share for a period of 24 months, expiring on March 11, 2022. The units issued by the company pursuant to the financing will have a four-month-and-one-day hold period in Canada, as applicable.

In conjunction with the financing, an aggregate of $12,000 in finders' fees and 400,000 brokers' warrants were paid to finders in connection with the first tranche closing of the private placement. Each broker's warrant is exercisable into one common share at six cents for a period of two years.

The net proceeds from the financing are intended for general working capital purposes.

About Graph Blockchain Inc.

The company develops leading-edge private blockchain business intelligence and data management solutions that it will implement into a blockchain-supported e-commerce marketplace for the sale of psychedelic and ancillary products in legal jurisdictions.

We seek Safe Harbor.

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