VANCOUVER, BC, May 2, 2023
/CNW/ - Bitcoin Lightning Network Service Provider,
LQwD Fintech Corp. ("LQwD" or "the Company") announces that it
intends to complete a non-brokered private placement of 1,153,846
units of the Company ("Units") at a price of $0.65 cents per Unit for aggregate gross proceeds
of up to $750,000 (the "Private
Placement"). The Company's shares trade on the TSX Venture
Exchange ("TSXV"), trading symbol "LQWD", and the OTCQB, trading
symbol "LQWDF".
Each Unit will consist of one common share of the Company and
one common share purchase warrant, with each warrant exercisable
into one common share at an exercise price of $0.85 cents per share at any time up to 24 months
following the closing date of the private placement.
If the volume weighted average trading price of the common
shares on the TSXV is equal to or greater than $1.25 for a period of 10 consecutive trading
days, the Company will have the right to accelerate the expiry date
of the warrants by giving written notice that the warrants will
expire on the date that is not less than 10 days from the date
notice is provided by the Company to the warrant holder.
The net proceeds from the Private Placement will be used for,
but are not limited to, continuing to expand LQwD's Lightning
Network business and general working capital
purposes. Completion of the Private Placement is subject to
certain conditions including, but not limited to, the receipt of
all necessary regulatory approvals, including acceptance of the
TSXV.
In connection with the Private Placement, the Company may pay a
finder's fees, where applicable.
LQwD operates a global network of Bitcoin Lightning
Network routing nodes. Since the Company launched its first node in
November 2021, node activity and LN
presence has increased substantially, routing over 324 BTC and over
167,000 transactions. LQwD's node network currently generates
nominal fees, however, these fees could potentially increase
substantially over time, based on further adoption of the Lightning
Network, which is growing at a rapid rate. Real-time tracking of
LQwD's node transaction volume and connection to our global routing
nodes can be accessed on our website:
https://lqwdfintech.com/node-stats/. You can follow LQwD's node
transaction volume in real-time here.
LQwD has no debt and holds ~114 Bitcoin on the
balance sheet, which are used to secure LN routing nodes and
establish node liquidity.
Forward-Looking Statements
This news release contains "forward-looking information"
within the meaning of applicable securities laws relating to the
Company's business plans and the outlook of the Company's industry.
Although the Company believes, considering the experience of its
officers and directors, current conditions and expected future
developments and other factors that have been considered
appropriate, that the expectations reflected in this
forward-looking information are reasonable, undue reliance should
not be placed on them because the Company can give no assurance
that they will prove to be correct. Actual results and developments
may differ materially from those contemplated by these statements.
The statements in this press release are made as of the date of
this release and the Company assumes no responsibility to update
them or revise them to reflect new events or circumstances other
than as required by applicable securities laws.
Neither the 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.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy the Units, nor shall there be
any sale of the Units in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction.
The Units being offered will not be, and have not been, registered
under the United States Securities Act of 1933, as amended, and may
not be offered or sold within the United
States or to, or for the account or benefit of, a U.S.
person.
SOURCE LQwD FinTech Corp.