Neptune Dash Technologies has raised a C$4 million equity facility from Alumina Partners. Based in Vancouver, British Columbia, Neptune is a blockchain tech company.
VANCOUVER, British Columbia, April 14, 2020 (GLOBE NEWSWIRE) — Neptune Dash Technologies Inc. – (the “Company” or “Neptune”) (TSX.V:DASH) (OTC:NPPTF) (FSE:1NW) is pleased to announce that the Company has entered into a non-binding agreement for a draw-down equity facility (the “Facility”) of up to $4,000,000. The agreement provides for equity private placement offerings (the “Offerings”), to be conducted between Neptune and Alumina Partners LLC, a New York-based private equity firm, in draw down amounts at the sole discretion of the Company, of up to $250,000. Pursuant to the terms of the Offerings, Alumina Partners will commit to purchase up to $4,000,000 of units of the Company (the “Units”), consisting of one common share (the “Shares”) and one common share purchase warrant (the “Warrants”), at discounts ranging from 15% to 25% of the market price of the Shares, with each Offering occurring exclusively at the option of the Company, throughout the 24 month term of the agreement. The exercise price of the Warrants will be at a 25% premium over the market price of the Shares.
“We are very pleased that Alumina Partners will be providing us with capital to take advantage of strategic crypto purchasing opportunities,” said Cale Moodie, CEO. “This arrangement provides Neptune with the control over the timing and therefore the pricing and the amount of capital to be raised in order to shore up the balance sheet with additional crypto assets.”
“Alumina is excited to benefit from more exposure to a strategically managed cryptocurrency portfolio,” said Adi Nahmani, Alumina’s Managing Member. “We feel that Neptune Dash’s management team of crypto market veterans is unusually well-positioned to seek risk-adjusted returns using carefully selected crypto assets as a currency hedge, an inflation hedge and a speculative bet on the resurgence of popular interest in the space.”
The purpose of the Offering is to provide the Company with the financial flexibility and unilateral control over strategic crypto currency purchasing as well as general working capital requirements.
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.