BIG Blockchain Intelligence Group Inc.
CSE : BIGG
CSE : BIGG.CN
CNSX : BIGG
December 06, 2017 07:58 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 6, 2017) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
BIG Blockchain Intelligence Group Inc. (CSE:BIGG)(CSE:BIGG.CN)(CNSX:BIGG) (the "Company" or "BIG") is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by GMP Securities L.P. (the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 13,340,000 common shares of the Company (the "Shares") at a price of $0.75 per Share (the "Offering Price"), for aggregate gross proceeds of approximately $10.0 million (the "Offering"). The Company has also granted the Underwriters an option, exercisable up to two business days prior to the Closing Date, to arrange for the purchase of up to an additional 2,001,000 Shares at the Offering Price for total gross proceeds of up to $11.5 million.
The net proceeds of the Offering are expected to be used to further build out the Company's development and sales team, acquire additional hardware adding to existing infrastructure and providing additional capacity to deliver big data and search analytics, and for general working capital purposes.
The Offering will take place by way of a private placement to accredited investors in such provinces of Canada as the Underwriters may designate, and otherwise in those jurisdictions where the Offering can lawfully be made on a private placement basis. All Shares issued under the Offering will be subject to a four month and one day hold period from the date of issue in accordance with applicable securities laws in Canada, and potentially additional restrictions under the laws of other jurisdictions in which the Offering may be made.
The Offering is expected to close on or about December 21, 2017 (the "Closing Date"). Closing of the Offering is subject to certain conditions typical for a transaction of this nature and the receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange (the "Exchange").
This news release does not constitute an offer to sell the Shares in the United States or to US persons. The Shares have not been and will not be registered under the United States Securities Act of 1933, as amended, and they may not be offered or sold in the United States or to a US person unless an exemption from registration is available.
"We at BIG Blockchain Intelligence Group Inc. are very pleased that we will be working closely with GMP Securities and the syndicate. This vote of confidence in our crypto expertise is the culmination of many years of forward thinking and continuous development. We will now be able to expedite the commercialization on a global scale of our two lead products. This strategic investment will ensure our position as a RegTech leader and help to establish QLUE™ and Bitrank® as the worldwide standard." stated Lance Morginn, CEO of BIG Blockchain Intelligence Group Inc.
About BIG Blockchain Intelligence Group Inc.
BIG is headquartered in Vancouver, BC, Canada and is an information technology company. BIG has developed from the ground up a Blockchain agnostic search and analytics engine allowing RegTech, Law Enforcement & Government Agencies to trace, track and monitor cryptocurrency transactions at a forensic level. BIG presently has two products: QLUE™ and BitRank®. QLUE™ is a Software-as-a-Service (SaaS) platform for law enforcement and Anti-Money Laundering (AML) departments to aid in the fight against financial crimes involving Bitcoin. It incorporates various techniques and advanced search algorithms to detect suspicious activity within Bitcoin transactions as well as the use of "dark web" tools such as TOR and other methods commonly used by criminals to cover illegal activities. BitRank® offers a wallet risk scoring system that uses search and analytics to determine the safety levels of a Bitcoin transaction by ranking the wallets involved in transactions on the blockchain. BitRank® is available for individuals through the website BitRankVerified.com and is also provided via API (Application Program Interface). Additional information is available on BIG's website at www.blockchaingroup.io.
On Behalf Of BIG Blockchain Intelligence Group Inc.
Lance Morginn, CEO and Co-Founder
Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information"). These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
These securities have not and will not be registered under United States federal or state securities laws and may not be offered or sold in the United States or to a U.S. Person unless so registered, or an exemption from registration is relied upon. This news release does not constitute an offer of securities for sale in the United States.
CSE has not reviewed this news release and do not accept responsibility for the adequacy or accuracy of the content of this news release.