Canada-based Interlapse Technologies closes its private placement

Canada-based Interlapse Technologies has completed its non-brokered private placement raising a total of CAD 735,632.

The FinTech issued 4.9 million units at the price of CAD 0.15 apiece, with each unit containing one common share and one non-transferable warrant. A warrant entitles the holder to purchase an additional share at the price of CAD 0.20.

Warrants are subject to a hold period and cannot be traded until March 2 2021.

A senior officer and significant shareholder of Interlapse participated in the private placement by purchasing an aggregate of 500,000 units.

With the fresh equity, the FinTech is planning to deepen the development of its virtual currency and digital asset business.

Interlapse is supporting the global adoption of virtual currency, with its flagship product being, which lets users buy, sell and spend digital currency.

A handful of FinTech companies have been launching the IPOs over the past couple of months. Last month, Root, the parent company of digital car insurance platform Root Insurance, launched publicly and reportedly raised $663.7m on its first day.

Earlier in the week, Ant Financial had to put the brakes on its IPO after the Chinese regulators called in the FinTech’s founder Jack Ma to discuss some “major issues” with the sale.

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