Vancouver, British Columbia, May 3, 2023 – Bitcoin Lightning Network Service Provider, LQwD Fintech Corp. (“LQwD” or “the Company”) announces that it intends to complete a non-brokered private placement of 1,153,846 units of the Company (“Units”) at a price of $0.65 cents per Unit for aggregate gross proceeds of up to $750,000 (the “Private Placement”). The Company’s shares trade on the TSX Venture Exchange (“TSXV”), trading symbol “LQWD”, and the OTCQB, trading symbol “LQWDF”.
Each Unit will consist of one common share of the Company and one common share purchase warrant, with each warrant exercisable into one common share at an exercise price of $0.85 cents per share at any time up to 24 months following the closing date of the private placement.
If the volume weighted average trading price of the common shares on the TSXV is equal to or greater than $1.25 for a period of 10 consecutive trading days, the Company will have the right to accelerate the expiry date of the warrants by giving written notice that the warrants will expire on the date that is not less than 10 days from the date notice is provided by the Company to the warrant holder.
The net proceeds from the Private Placement will be used for, but are not limited to, continuing to expand LQwD’s Lightning Network business and general working capital purposes. Completion of the Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including acceptance of the TSXV.
In connection with the Private Placement, the Company may pay a finder’s fees, where applicable.
LQwD operates a global network of Bitcoin Lightning Network routing nodes. Since the Company launched its first node in November 2021, node activity and LN presence has increased substantially, routing over 324 BTC and over 167,000 transactions. LQwD’s node network currently generates nominal fees, however, these fees could potentially increase substantially over time, based on further adoption of the Lightning Network, which is growing at a rapid rate. Real-time tracking of LQwD’s node transaction volume and connection to our global routing nodes can be accessed on our website: https://lqwdfintech.com/node-stats/. You can follow LQwD’s node transaction volume in real-time here.
LQwD has no debt and holds ~114 Bitcoin on the balance sheet, which are used to secure LN routing nodes and establish node liquidity.
For further information:
Ashley Garnot, Director
Email: [email protected]
This press release contains “forward-looking information” within the meaning of applicable securities laws relating to the Company’s business plans and the outlook of the Company’s industry. Although the Company believes, considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this press release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Units, nor shall there be any sale of the Units in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The Units being offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person.