Calgary, Alberta–(Newsfile Corp. – March 11, 2021) – Quantum Blockchain Technologies Ltd. (TSXV: QBC.P) (the “Corporation” announces that it has completed a private placement from the Corporation’s newest director, Robert Quinn (the “Private Placement“) of 40,000 common shares in the share capital of the Corporation at a price of $0.125 per common share for aggregate proceeds of $5,000.00.
There will be a hold period of four months and one day on all securities issued under the Private Placement.
No finder’s fees were paid in respect of the Private Placement.
Related Party Transaction
Because Robert Quinn is a director of the Corporation the Private Placement was a “Related Party Transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Corporation relied upon the exemptions from the minority shareholder approval and valuation requirements set out in Sections 5.7(1)(a) and 5.5(a), respectively, of MI 61-101.
The Private Placement was approved by the directors of the Corporation by resolution, with Mr. Quinn declaring his interest in the outcome of the resolutions and abstaining from voting with respect thereto.
A material change report regarding the Private Placement was not filed 21 days before the completion of the Private Placement as 21 days prior to the completion of the Private Placement, completion of the Private Placement was uncertain and therefore did not at that time constitute a material change.
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