The Bitcoin Fund Announces Successful Overnight Offering
Toronto, Nov. 17, 2020 (CNW) — (TSX: QBTC, QBTC.U) The Bitcoin Fund (the “Fund”) is pleased to announce a successful overnight treasury offering of 2,850,000 Class A units (the “Class A Units”). Gross proceeds of the offering are expected to be approximately C$75.6 million.
The offering is expected to close on or about November 20, 2020 and is subject to certain closing conditions including approval by the Toronto Stock Exchange (“TSX”).
The Class A Units were available for purchase in Canadian and U.S. dollars under the offering at a price of C$26.50 and US$20.25 per unit, respectively. The Class A Unit offering price was determined so as to be non-dilutive to the most recently calculated net asset value per Class A Unit on November 16, 2020.
The Fund seeks to provide unitholders of the Fund 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.
To achieve its investment objectives, the Fund invests in long-term holdings of bitcoin, purchased from reputable bitcoin trading platforms and OTC counterparties, in order to provide investors with a convenient, safer alternative to a direct investment in bitcoin.
The agent for the offering was Canaccord Genuity Corp.
Founded in 2012, 3iQ Corp. (“3iQ”) is a Canadian investment fund manager focused on providing investors with exposure to digital assets, disruptive technologies and the blockchain space. 3iQ was the first Canadian investment fund manager to agree to terms and conditions with the Canadian securities regulatory authorities to manage a public bitcoin investment fund and multicryptoasset fund for Canadian accredited investors. Access to these new technologies can be daunting, costly, and inconvenient. 3iQ has worked through a stringent regulatory process to offer investors convenient and familiar investment products to gain exposure to digital assets.
A short form base shelf prospectus containing important detailed information about the securities being offered has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the short form base shelf prospectus may be obtained from a member of the syndicate. The Fund intends to file a supplement to the short form base shelf prospectus, and investors should read the short form base shelf prospectus and the prospectus supplement before making an investment decision. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the securities commissions or similar authorities in each of the provinces and territories of Canada.
You will usually pay brokerage fees to your dealer if you purchase or sell units of the Fund on the Toronto Stock Exchange or other alternative Canadian trading system (an “exchange”). If the units are purchased or sold on an exchange, investors may pay more than the current net asset value when buying units of the Fund and may receive less than the current net asset value when selling them.
There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the Fund in its public filings available at www.sedar.com. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
Certain statements contained in this document constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this document 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. Actual results may vary from such forward-looking information. 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.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.
SOURCE The Bitcoin Fund
For further information: Fred Pye – President and CEO, E: fred.pye@3iQ.ca, P: +1 (416) 639-2130
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
Due to applicable legal restrictions, you may not access the following content. 'a0 We apologize for any inconvenience this may cause.
WARNING: THIS SECTION OF THE WEBSITE CONTAINS ANNOUNCEMENTS, DOCUMENTS AND INFORMATION (TOGETHER THE “INFORMATION”), ACCESS TO WHICH MAY BE RESTRICTED UNDER THE SECURITIES LAWS OF CERTAIN JURISDICTIONS. IN PARTICULAR THE INFORMATION IS NOT DIRECTED AT, AND IS NOT ACCESSIBLE BY, PERSONS RESIDENT, OR OTHERWISE LOCATED, IN THE UNITED STATES OF AMERICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
THE INFORMATION IS BEING MADE AVAILABLE BY 3iQ Corp. (“3iQ”) IN GOOD FAITH AND FOR INFORMATION PURPOSES ONLY. THE AVAILABILITY OF THE INFORMATION IS SUBJECT TO THE TERMS AND CONDITIONS SET OUT BELOW.
Please read this notice carefully - it applies to all persons who view this webpage. This notice may be amended or updated by 3iQ from time to time and accordingly it should be read carefully in full each time you wish to view the Information. In addition, the content of the site, and its availability to persons resident in certain jurisdictions, may be amended at any time in whole or in part at the sole discretion of 3iQ.
Basis of access
Please read this notice carefully before clicking “I agree” or “I disagree” below. This notice applies to all persons who view the Information. Access to these materials is being made available on this webpage by 3iQ in good faith and for information purposes only. Any person seeking access to this webpage represents and warrants to 3iQ that they are doing so for information purposes only.
Nothing on, or which can be downloaded from, this webpage constitutes an offer for sale or subscription or any solicitation for any offer to buy of subscribe for any securities in any jurisdiction. Making the Information available does not constitute a recommendation by 3iQ or any other party to sell or buy securities.
Confirmation of representation
Any person seeking access to this webpage certifies that they are not located in the United States of America or any other jurisdiction where the release, publication or distribution of these materials would be unlawful. Any person seeking access to this site confirms that they have read and understood this disclaimer and agree to be bound by its terms.
The information contained on this website does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities in the United States or in any jurisdiction in which such offers or sales are unlawful. The securities referred to herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or under the applicable securities laws of any state or other jurisdiction in the United States. The securities referred to herein may not be offered, sold, resold, taken up, transferred, delivered or distributed, directly or indirectly, within, into or in the United States or any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration of such securities in, the relevant jurisdiction except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There will be no public offer of securities in the United States.
The materials are only addressed to and directed at persons in Canada.
If you are not permitted to view materials on this website or are in any doubt as to whether you are permitted to view these materials, please exit this website. These materials must not be released or otherwise forwarded, distributed or sent in or into the United States or any jurisdiction in which such offers or sales are unlawful. Persons receiving such documents (including custodians, nominees and trustees) must not distribute or send them in, into or from the United States or any other jurisdiction where to do so would be unlawful.
Acceptance of this notice
To visit the following pages of the site, you must confirm that you have understood the above sentences and agree to comply with the restrictions.
By selecting "I agree" below, you:
confirm that you have read, understood and agree to be bound by the terms of the notice set out above;
warrant and represent that you are not a resident of, or otherwise located in, the United States of America (including its territories and possessions, any state of the United States and the District of Columbia) or any other jurisdiction where accessing the Information would constitute a violation of the relevant laws or regulations of that jurisdiction.
agree that you will not transmit or otherwise send (directly or indirectly) any Information to any person in the United States of America (including its territories and possessions, any state of the United States and the District of Columbia) or any other jurisdiction if to do so would breach any applicable law or regulation; and
confirm that you are not a person to whom the communication of the information contained on the site is restricted and are not acting for the benefit of any such person.