VANCOUVER, BC – December 30, 2020 – LUXXFOLIO Holdings Inc. (the “Company”) (CSE: LUXX) is pleased to announce that the Company has completed its previously announced non-brokered private placement (the “Offering”) of 4,000,000 common shares in the capital of the Company at a price of CAD $0.075 per common share. Additionally, as approved by the Canadian Securities Exchange, an overallotment of 1,200,000 shares was fully exercised, resulting in a total of 5,200,000 common shares issued for total gross proceeds of $390,000. The securities are subject to a four-month and one day hold period under securities laws.
An insider of the Company subscribed for 400,000 common shares in the Offering and such subscription is a “related party transaction” under Multilateral Instrument 61-101 (“MI 61-101”). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves the insider, exceeds 25% of the Company’s market capitalization. The Company did not file a material change report 21 days prior to the transaction because the Company had not received and accepted a subscription from the insider at that time.
The Company intends to use the proceeds to pursue strategic review opportunities, which may include, but are not limited to, the non-binding term sheet disclosed on November 24, 2020, changes to the capital structure, acquisition or merger of a strategic opportunity, the disposition of certain assets of the Issuer, or the further development and expansion of the Issuer’s wholly-owned subsidiary’s authentication and distributed ledger technology.
LUXXFOLIO Holdings Inc. is a growth-oriented, CSE-listed company based in Canada. The Company utilizes blockchain technology and other trust-based authentication and crypto mining tools for asset monetization of unique identifiable assets (UIAs). UIAs may include digital contracts, equipment, memorabilia, artwork, and crypto assets. It provides a liquid alternative for exposure to the UIAs for the broader capital markets.
For more information, please contact:
Dean Linden, Chief Executive Officer
Tel: (604) 398-3837 or (425) 449-9442
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, “will be”, “proposes, “intends to”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements regarding the issuance of securities, the Acquisition, and the business of the Company are based on the Company’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company and its subsidiary to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures and other costs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.