NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
TORONTO, June 23, 2020 (GLOBE NEWSWIRE) — 3iQ Corp. (“3iQ”) is pleased to announce that The Bitcoin Fund (the “Fund”) has priced its previously announced new issue of units (the “Offering”) at US$11.71 per Class A Unit and US$11.47 per Class F Unit (the “Units”). The Offering price is equal to the net asset value per Class A Unit of US$10.8905, calculated as of 4 p.m. (EST) on June 22, 2020, plus the applicable Agents’ fees and expenses of the Offering of each Class of Units. The outstanding Class A Units are listed and posted for trading on the Toronto Stock Exchange (the “TSX”) under the trading symbol “QBTC.U”. The TSX has conditionally approved the listing of the offered Class A Units, subject to the fulfillment of TSX requirements. Class F Units will not be listed on a stock exchange but will be reclassified as Class A Units on a one-for-one basis immediately upon the closing of the Offering.
The Offering will be made by way of a supplemented final PREP prospectus including pricing information which will be filed with the securities regulatory authority or regulator in each province and territory of Canada today. The receipt for the final base PREP prospectus was issued on June 22, 2020.
The maximum size of the Offering is US$25,000,850. The Offering is expected to close on June 26, 2020.
The Fund’s investment objectives are to provide holders of Units with:
(a) exposure to the digital currency bitcoin and the daily price movements of the U.S. dollar price of bitcoin, and
(b) the opportunity for long-term capital appreciation.
3iQ is the investment fund manager and portfolio manager of The Bitcoin Fund.
The syndicate of agents for the Offering is being co-led by Canaccord Genuity Corp. and Echelon Wealth Partners Inc., and includes Leede Jones Gable Inc., Mackie Research Capital Corporation and PI Financial Corp. (collectively, the “Agents”).
Founded in 2012, 3iQ is a Canadian investment fund manager focused on providing investors with exposure to digital assets, disruptive technologies and the blockchain space. For further information, please visit our website at www.3iQ.ca or call us at (416) 639-2130. In addition to the Fund, 3iQ manages a private digital asset fund which is eligible for investment by accredited investors in Canada or in reliance on other exemptions from the prospectus requirement.
This offering is only made by the prospectus of the Fund dated June 22, 2020. The prospectus contains important information relating to these securities. Copies of the prospectus may be obtained from Canaccord Genuity Corp. or any of the Agents. Investors should read the prospectus before making an investment decision.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this news release and to other matters identified in public filings relating to the Fund, to the future outlook of the Fund and anticipated events or results and may include statements regarding the future financial performance of the Fund. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. In particular, this news release includes forward-looking information relating to the anticipated completion of the Offering. Actual results may differ materially from results indicated in forward-looking information for a number of reasons, including the failure to close the transactions referenced in this news release on the terms and conditions currently contemplated by the Fund, or at all, as well the risk factors identified in the Fund’s prospectus. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This news release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States or to, or for the account or benefit of, persons in the United States or U.S. Persons nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.