GlobalBlock closes a $300,000 private placement in a hunt for new acquisitions


GlobalBlock Digital Asset Trading Limited, a publicly traded holding company which runs a European Union-based digital asset broker, has announced a successful closing of its non-brokered private placement.

The Calgary, Alberta-based company has raised CAD$300,000 in the private placement. In connection with the placement, 6,000,000 equity units of GlobalBlock were issued at a price of CAD$0.05 per unit.

GlobalBlock operates through its wholly-owned subsidiary, GlobalBlock Europe, UAB. It provides a personalised telephone brokerage service, an online trading platform and mobile app specialising in digital assets. However, following the disposition transaction, the company will not have any operating business. This situation necessitates the identification and, if successful, acquisition or combination with a new business.

The company plans to allocate the proceeds from this private placement towards its search for businesses to acquire or merge with, following the completion of its proposed disposition of its digital asset broker business. A portion of the funds will also be utilised for covering general and administrative expenses.

Alongside the private placement, the company has agreed to pay a cash finder’s fee of CAD$17,025 to Rupert Williams. This fee pertains to the aggregate sales to subscribers under the private placement, all of whom were introduced by Williams.

Previously, the company made headlines on March when it announced the proposed disposition of its digital asset broker business, a move that has seemingly influenced the company’s current acquisition hunt.

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