LQwD FinTech Corp said it has amended the size of its previously announced marketed offering.
The Lightning Network Service Provider (LSP) focused company intends to issue 20,000,000 units at a price of C$0.35 per unit for total proceeds of C$7 million.
Each unit will consist of one common share and half of one common share purchase warrant. Each full warrant is exercisable for one common share priced at C$0.50 for up to 24 months from the closing date.
READ: LQwD FinTech announces $6M offering to advance payment infrastructure solutions technology strategy
The units will be offered to Canadian investors living in every province and territory, aside from Québec.
LQwD said the offering is being conducted by a syndicate of underwriters led by Canaccord Genuity (TSX:CF, LSE:CF) Corp, which will serve as lead underwriter.
In conjunction, the company has granted the underwriters an over-allotment option to purchase up to an additional 3,000,000 units on the same terms and conditions of the offering, exercisable for up to 30 days after closing.
Additionally, for their services, the underwriters will receive a cash fee equal to 7.0% of the aggregate gross proceeds. The offering is expected to close on or about October 28, 2021 and is subject to customary conditions, including approval by the TSX Venture Exchange.
LQwD plans to use the C$7 million as working capital, acquiring Bitcoin and funding general corporate expenses.
Contact the writer at georgia@proactiveinvestors.com