London, United Kingdom and Vancouver, British Columbia–(Newsfile Corp. – May 12, 2023) – GlobalBlock Digital Asset Trading Limited (TSXV: BLOK) (OTC Pink: BLVDF) (FSE: BD4) (the “Company“) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement for gross proceeds of CAD$715,000 (the “Private Placement“). In connection with the Private Placement, 14,300,000 equity units of the Company (“Units“) were issued at a price of CAD$0.05 per Unit.

Each Unit is comprised of one (1) common share of the Company and one (1) common share purchase warrant of the Company (a “Warrant“). Each whole Warrant entitles the holder to acquire one (1) common share of the Company for a period of 12 months from the date of issuance of the Warrant, at an exercise price of CAD$0.10 per share.

The securities issued in connection with the Private Placement are subject to a four-month hold period, in accordance with applicable securities laws.

The Company intends to use the proceeds from the Private Placement towards its search for businesses to acquire or combine with after it has completed its proposed disposition of its digital asset broker business (see the Company’s March 23, 2023 press release) (the “Disposition Transaction“) and for general and administrative expenses.

The Private Placement contemplates the issuance of up to CAD$1,000,000 worth of Units and the Company has made a request to the TSX Venture Exchange to extend the period by which the Private Placement may be completed so that it may attempt to complete a second tranche closing for the remaining CAD$285,000 worth of Units.

Subject to final review by the TSX Venture Exchange, the Company agreed to pay a cash finder’s fee to Rupert Williams of CAD$42,900 in respect of the aggregate sales to subscribers under Private Placement that were introduced by him.

ABOUT THE COMPANY

GlobalBlock Digital Asset Trading Limited is a publicly traded holding company (TSXV: BLOK) whose wholly-owned operating subsidiary, GlobalBlock Europe, UAB (https://www.globalblock.eu), is a European Union based digital asset broker that provides a personalised telephone brokerage service, trading platform and mobile app. Following completion of the Disposition Transaction, the Company will not have any operating business. Accordingly, the Company will need to identify and, if successful, acquire or combine with a new business.

For further information please contact the Company at:

Stuart Olley, Director
Telephone: (403) 618-4900
Email: [email protected]

This press release is not an offer of the Company’s securities for sale in the United States. The Company’s securities may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) and applicable U.S. state securities laws. The Company will not make any public offering of its securities in the United States. The Company’s securities have not been and will not be registered under the U.S. Securities Act.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information set out in this news release constitutes forward-looking statements or information. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things: the structure, terms, conditions and proposed timing for completion of the Disposition Transaction; the ability of the Company to complete the Disposition Transaction; the receipt of all necessary shareholder, TSX Venture Exchange and other third party consents and approvals; approval and completion of a second tranche of the proposed Private Placement, the anticipated use of proceeds of the Private Placement; and the ability of the Company to successfully identify and complete the acquisition of or combination with a new business. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company’s most recent management’s discussion and analysis, a copy of which is filed on SEDAR at www.sedar.com, and readers are cautioned that the risk factors disclosed therein should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS

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