NEPTUNE DASH TECHNOLOGIES ADDRESSES COVID-19, DROP IN CRYPTO PRICES AND ANNOUNCES SHARES FOR DEBT TRANSACTION
14 March 2020 - 9:48AM
Neptune Dash Technologies Corp. (“
Neptune” or the
“
Company”) announces that the Company will be
taking additional measures to ensure all management and associates
protect their personal health and maintain operations functioning
as normal during this challenging time. The Company reiterates that
all Crypto assets remain safe in cold storage with numerous
redundancies in place and both the Dash masternodes and delegated
ATOM can be managed remotely.
“This is a very challenging time for the general
public and investors. We remain committed to providing a well run
and safe exposure vehicle. Our crypto revenues will not change
during this time and operations will be maintained in full working
order from a distance to ensure the safety of our team. These are
price fluctuations in a panic driven market and we firmly believe
the rebound will be as strong as the sell-off. As such, for
additional precaution we have chosen to cut costs further and clear
debt off our balance sheet through share issuances and thus
preserving capital.” Stated Cale Moodie, Neptune’s CEO.
Additionally, Neptune’s board of directors has
approved the settlement of up to $221,860 of debt through the
issuance of common shares of the Company (the "Debt
Settlement"). Pursuant to the Debt Settlement, the Company
would issue up to 3,892,279 common shares of the Company (the
"Shares") at a deemed price of $0.057 per Share to
certain creditors of the Company comprised of certain of its
directors and officers as well as Neptune Asset Group Inc., a
company sharing two common directors with the Company (the
"Creditors").
Directors and officers of the Company will
participate in the Debt Settlement by converting $121,860 of their
outstanding consulting, management and director's fees into a total
of 2,137,894 Shares. In addition, creditor, Neptune Asset Group
Inc., will also participate in the Debt Settlement by converting
its outstanding debt of $100,000 into a total of 1,754,385
Shares.
The issuance of the Shares to the Creditors is
subject to the approval of the TSX Venture Exchange. All securities
issued will be subject to a four month hold period which will
expire on the date that is four months and one day from the date of
issue.
The Debt Settlement involving the directors and
officers of the Company will, in each case, constitute a “related
party transaction” under Multilateral Instrument 61-101 -
Protection of Minority Securityholders in Special Transactions
(“MI 61-101”). The Company intends to rely on the
exemptions from the valuation and the minority approval
requirements of MI 61-101 provided for in subsections 5.5(a) and
5.7(a) of MI 61-101, respectively, as the fair market value of the
subject of, and the consideration paid in the Debt Settlement, in
each case, in relation to the interested parties, will not
represent more than 25% of the Company’s market capitalization, as
determined in accordance with MI 61-101.
About Neptune Dash Technologies
Corp.
The Company primarily builds and operates
Masternodes and invests in Node technologies. The Company also has
a diversified cryptocurrency portfolio through investments made in
Proof-of-Stake tokens and their associated blockchain
technologies.
For further information please contact:
Neptune Dash Technologies Corp.Cale Moodie, President and CEO
310 - 36 Water Street, Vancouver, BC V6B 0B7
Phone: (604) 319-6955 Email: info@neptunedash.com
Cautionary Note Regarding
Forward-Looking Information
This news release contains "forward-looking
information" within the meaning of applicable securities laws.
Generally, any statements that are not historical facts may contain
forward-looking information, and forward-looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or indicates that certain actions, events or results
"may", "could", "would", "might" or "will be" taken, "occur" or "be
achieved". Forward-looking information includes, but is not limited
to the Company’s proposed issuance of Common Shares to settle
outstanding debt, the approval of the Debt Settlement by the TSXV,
acquisition of additional Dash Masternodes and Dash; the Company's
projected asset allocations; business strategy and investment
criteria; corporate governance standards applicable to
cryptocurrencies; the rate of cryptocurrency adoption and the
resultant effect on the growth of the global cryptocurrency market
capitalization. Factors that could cause actual results to differ
materially from those described in such forward-looking information
include, but are not limited to, the construction and operation of
Dash Masternodes may not occur as currently planned, or at all; the
digital currency market; the Company's ability to successfully
operate Dash Masternodes and securely custody Dash; revenue of the
Company may not increase as currently anticipated, or at all; the
Company may not be able to profitably liquidate its current digital
currency inventory, or at all; a decline in digital currency prices
may have a significant negative impact on the Company's operations;
the volatility of digital currency prices; and other related risks
as more fully set out in the Listing Application of the Company
dated January 15, 2018.
The forward-looking information in this news
release reflects the current expectations, assumptions and/or
beliefs of the Company based on information currently available to
the Company. In connection with the forward-looking information
contained in this news release, the Company has made assumptions
about the Company's ability to complete the construction and
operation of Dash Masternodes; the Company will be able to
profitably liquidate its digital currency inventory if required;
historical prices of digital currencies and the ability of the
Company to securely custody the Dash required to operate each Dash
Masternode; and there will be no regulation or law that will
prevent the Company from operating its business. The Company has
also assumed that no significant events occur outside of the
Company's normal course of business. Although the Company believes
that the assumptions inherent in the forward-looking information
are reasonable, forward-looking information is not a guarantee of
future performance and accordingly undue reliance should not be put
on such information due to the inherent uncertainty therein. Any
forward-looking information speaks only as of the date on which it
is made and, except as may be required by applicable securities
laws, the Company disclaims any intent or obligation to update any
forward-looking information, whether as a result of new
information, future events or results or otherwise.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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