Blockchain
WonderFi Technologies Inc. Announces Closing of $5,000,000 Brokered Private Placement
This news release constitutes “a designated news release” for the purposes of the Company’s prospectus supplement dated December 23, 2022 to its short form base shelf prospectus dated September 7, 2022.
Vancouver, British Columbia–(Newsfile Corp. – January 30, 2023) – WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (WKN: A3C166) (“WonderFi” or the “Company“) is pleased to announce that it has closed its previously announced brokered private placement of units (the “Units“) for gross proceeds of $5,016,000 (the “Offering“). The Offering was conducted by a syndicate of agents led by PI Financial Corp., and including Canaccord Genuity Corp. and PowerOne Capital Markets Limited (collectively, the “Agents“), and consisted of the sale of 22,800,000 Units at a price of $0.22 per Unit (the “Offering Price“).
Each Unit was comprised of one common share in the capital of the Company (each, a “Common Share“) and one Common Share purchase warrant (each, a “Warrant“). Each Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.30 for a period of 24 months following the completion of the Offering, provided, however, that if the daily volume weighted average trading price of Common Shares on the Toronto Stock Exchange for any 10 consecutive trading days equals or exceeds $0.47, the Company may, upon providing written notice to the holders of the Warrants, accelerate the expiry date of the Warrants to a date that is 10 days following the date of such notice.
The Company intends to use the net proceeds of the Offering to support working capital requirements for planned operating initiatives at Bitbuy, and for general corporate and working capital purposes.
In connection with the Offering, the Agents received a cash commission of $300,960 and were issued 1,368,000 compensation options (“Compensation Options“), with each Compensation Option exercisable into one Common Share at the Offering Price for a period of 24 months following the completion of the Offering.
The Offering was completed pursuant to the listed issuer financing exemption (under Part 5A of National Instrument 45-106 – Prospectus Exemptions), and the securities issued to purchasers in the Offering are not subject to a hold period pursuant to applicable Canadian securities laws.
Additional Information
For additional information, please contact:
President and Interim-CEO
Dean Skurka
[email protected]
Media/Investor Relations
Binu Koshy, Communications Director
[email protected]
ABOUT WONDERFI
WonderFi is a leading technology company with the mission of creating better, unified access to digital assets through centralized and decentralized platforms. WonderFi’s executive team and Board of Directors have an established track record in finance and crypto. WonderFi’s core team of engineers and technologists believe that everyone should have equal access to finance and are aligned in the mission to empower people around the world to access finance in a simple, smart and secure way. For more information, visit www.wonder.fi.
Forward-Looking Information and Statements
This news release contains “forward-looking information” and “forward-looking statements” (which we refer to collectively as forward-looking information) under the provisions of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking information. Examples of forward-looking information in this news release include, among other things, statements related to: the anticipated use of the net proceeds from the Offering, and the anticipated benefits and impacts of the Offering. Forward-looking information is based upon a number of factors and assumptions that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by such information. Such information reflects the Company’s current views with respect to future events and is necessarily based upon a number of assumptions that, while considered reasonable by the Company today, are inherently subject to significant uncertainties and contingencies. These assumptions include, among others, the anticipated use of the net proceeds in connection with the Offering, the impacts of COVID-19 globally and in the jurisdictions in which we operate, the Company position in a competitive environment, and a stable and supportive legislative, regulatory and community environment, and general economic and market conditions.
Forward-looking information also involve known and unknown risks that may cause actual results to differ materially from those presented in the forward-looking information. These risks include, among others, the ability of the Company to successfully deploy the net proceeds of the Offering for its proposed uses. Additional risks, assumptions and other factors are set out in the Company’s management discussion analysis and most recent annual information form, copies of which are available on SEDAR at www.sedar.com.
Although the Company has attempted to identify important risks and assumptions, given the inherent uncertainties in such forward-looking information, there may be other factors that cause results to differ materially. Forward-looking information is made as of the date hereof and the Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Accordingly, readers are cautioned not to place undue reliance on forward-looking information.
The Toronto Stock Exchange has not approved or disapproved of the information contained in this release.
Blockchain
Blocks & Headlines: Today in Blockchain (Chainlink Labs, BlackRock, Fidelity, Dynamite Blockchain)
Exploring the Frontlines of Blockchain Innovation and Adoption
The blockchain industry continues to shape the future of finance, governance, and technology. Today’s briefing covers a range of key developments, from Australia’s crypto crackdown to Chainlink Labs’ expansion, Nevada’s innovative blockchain-driven electoral security, and updates on institutional Bitcoin adoption.
Australia’s Crypto Shakeup: A Looming Exodus for Blockchain Startups?
Australia’s blockchain and crypto sectors face a tumultuous period as nearly 30% of the country’s crypto-related businesses are projected to close operations by 2024. This decline follows increased regulatory scrutiny and diminishing investor confidence, as outlined in a report by KPMG.
The tightening regulatory environment has fueled debates about whether these measures protect consumers or hinder innovation. Advocates argue that clear regulations are crucial for building trust and stability in blockchain ecosystems, while critics fear they might stifle entrepreneurial spirit in the country.
This development could serve as a cautionary tale for other nations walking the fine line between fostering innovation and enforcing compliance.
Source: Cointelegraph
Breaking Down Institutional Bitcoin Adoption
Institutional adoption of Bitcoin is on the rise, marking a significant milestone for blockchain’s integration into mainstream finance. A new report reveals how companies are leveraging Bitcoin as a reserve asset, while financial giants explore Bitcoin-backed investment products to attract both retail and institutional clients.
While adoption is accelerating, barriers remain. Regulatory uncertainty, volatility, and infrastructure gaps hinder broader integration. However, with asset managers like BlackRock and Fidelity increasingly embracing Bitcoin ETFs, institutional interest appears to be solidifying the cryptocurrency’s position as “digital gold.”
This trend signifies blockchain technology’s growing legitimacy in traditional financial systems, offering a pathway for further innovation and integration.
Source: Bitcoinist
Nevada Implements Blockchain for Election Security
In a pioneering move, Nevada has integrated blockchain technology to enhance electoral security and prevent fraud. This development comes in response to a 2020 incident involving fraudulent electors, with blockchain now being used to verify the authenticity of electoral certificates and records.
The immutable and transparent nature of blockchain ensures tamper-proof data integrity, making it an ideal solution for secure electoral processes. Nevada’s initiative could serve as a model for other states and countries grappling with election integrity issues.
By leveraging blockchain for governance, Nevada showcases how this technology can go beyond finance to address critical societal challenges.
Source: 8 News Now
Dynamite Blockchain Rebrands and Charts a New Path
Dynamite Blockchain has announced a strategic rebranding initiative to align its corporate vision with emerging trends in decentralized finance (DeFi), non-fungible tokens (NFTs), and enterprise solutions. The rebranding effort includes an updated logo, a new corporate mission, and a pivot toward offering scalable blockchain solutions for businesses.
The company’s refreshed focus aims to position Dynamite Blockchain as a leader in enterprise blockchain adoption, helping organizations integrate decentralized solutions seamlessly into their existing frameworks.
This rebranding underscores the importance of adaptability in the rapidly evolving blockchain space, where staying relevant often means redefining one’s identity.
Source: GlobeNewswire
Chainlink Labs Expands to Abu Dhabi Global Market (ADGM)
Chainlink Labs, the developer of the blockchain oracle network Chainlink, has established a new presence in the Abu Dhabi Global Market (ADGM). This strategic expansion aims to tap into the Middle East’s growing blockchain ecosystem and foster collaborations with financial institutions in the region.
By entering ADGM, Chainlink Labs signals its intent to advance blockchain-powered financial solutions, with a focus on enhancing smart contract utility and adoption. The move also underscores the region’s increasing role as a hub for blockchain innovation.
This expansion reinforces Chainlink’s position as a key player in bridging on-chain and off-chain systems, further enabling the growth of decentralized applications worldwide.
Source: PR Newswire
Emerging Trends and Insights
- Regulatory Challenges: Australia’s crypto downturn reflects the broader tension between innovation and regulation, offering lessons for global blockchain players.
- Institutional Momentum: The rising adoption of Bitcoin by financial giants suggests a pivotal shift in the role of cryptocurrencies in traditional markets.
- Blockchain Beyond Finance: Nevada’s electoral security innovation highlights blockchain’s potential to address societal issues beyond financial services.
- Corporate Evolution: Dynamite Blockchain’s rebranding illustrates the industry’s emphasis on staying agile and forward-looking.
- Global Expansion: Chainlink Labs’ move into ADGM underscores the Middle East’s emergence as a critical blockchain innovation hub.
Key Takeaways
- Blockchain’s application in governance and security, as seen in Nevada, demonstrates its potential for societal transformation.
- Institutional adoption of Bitcoin is solidifying its status as a mainstream financial asset, even amid regulatory hurdles.
- Strategic rebranding efforts, such as Dynamite Blockchain’s, reflect the dynamic nature of the blockchain industry.
- Expansions into regions like the Middle East signal blockchain companies’ focus on tapping into emerging markets.
The post Blocks & Headlines: Today in Blockchain (Chainlink Labs, BlackRock, Fidelity, Dynamite Blockchain) appeared first on News, Events, Advertising Options.
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