Blockmate Ventures Inc (TSX-V:MATE, OTCQB:MATEF, FRA:8MH) announced that it plans to complete a non-brokered private placement to raise gross proceeds of up to $750,000, with the possibility of increasing the total amount to as much as $1 million through oversubscriptions.
The offering will consist of up to 15 million units priced at $0.05 each. Each unit will include one common share and one warrant, with each warrant exercisable to purchase an additional common share at $0.075 for a period of 24 months from issuance.
The company said it has received commitments from members of its board of directors and from Gleneagle Securities, an investment bank and fund manager.
No finder's fees will be paid in connection with the financing.
Blockmate said the proceeds are expected to be used to advance its proposed AI data centre project in Wyoming, including engineering, surveying, site planning, local engagement, fibre and power-related due diligence, and other development activities. Funds will also be used for general working capital purposes.
"This placement strengthens Blockmate's working capital position and supports the next phase of work on our Wyoming AI data centre opportunity, including engineering, site planning and related infrastructure diligence,” Blockmate chairman Domenic Carosa said in a statement. “It also supports our broader AI, Bitcoin and digital infrastructure strategy.”