VANCOUVER, British Columbia, Dec. 06, 2017 (GLOBE NEWSWIRE) — Protos Blockchain Corp. (formerly MCH Capital Corp.) (the “Company”) is pleased to announce that it has closed a non-brokered private placement of its initial Founders round consisting of 41,305,814 common shares at an issue price of $0.007 per share for gross proceeds of $289,141.
Certain directors and officers of the Company acquired securities in the private placement. Accordingly, the private placement is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 on the basis that neither the fair market value of the securities to be distributed in the transaction nor the consideration to be received for those securities insofar as the transaction involves interested parties exceeds $2,500,000.
The Company intends to use the proceeds of the private placement for general working capital purposes.
The Company did not file a material change report more than 21 days before the expected closing of the private placement as the details of the private placement and the participation therein by related parties of the Company were not settled until shortly prior to closing and the Company wished to close the private placement on an expedited basis for sound business reasons.
ON BEHALF OF THE BOARD
of Protos Blockchain Corp.
(formerly MCH Capital Corp.)
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