BlockMint Provides Update on Private Placement
January 19, 2021
Vancouver, British Columbia – BlockMint Technologies Inc. (“BlockMint” or the “Company”) (TSX-V: BKMT) (www.blockmint.ai) wishes to provide an update on its non-brokered private placement announced on December 31, 2020. BlockMint will now be issuing 3,846,154 common shares at a price of $0.26 per share for gross proceeds of $1,000,000.
In connection with completion of the placement, the Company may pay finders’ fees to eligible parties that assist in introducing subscribers to the Company. All securities in connection with the placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. Completion of the placement remains subject to approval of the TSX Venture Exchange.
About BlockMint Technologies Inc.
BlockMint, through its wholly owned subsidiary, Blockmint (USA) Technologies Inc., develops distributed systems and networks that enable a more decentralized deployment of blockchain based applications such as cryptocurrency mining. BlockMint’s initial products will be Minter and MintAccess, both of which are explained in further detail below. The Company has 44,269,068 shares outstanding and approximately US$2.5 million in net cash.
BlockMint has developed software that allows owners of various connected devices (e.g. desktops, laptops, gaming consoles, smartphones, etc.) to download a browser app called “Minter” which utilizes the user’s spare computing power to mine various cryptocurrencies in exchange for BlockMint paying the user a fee in cryptocurrency. Users are able to control the amount (if any) of computing power on his/her connected device used by the Company for mining via a dashboard built into the browser. Users bear all mining costs associated with the computing power on their device (electricity costs of operating the user’s device) but benefit from a sharing of the income earned from any currency mined. The Minter browser also provides a virtual private network (“VPN”), ad-blocker and cryptocurrency wallet. The upgraded version of Minter will be launched for use on desktops and laptops, with apps for smartphones, tablets, gaming consoles and other connected devices to follow. BlockMint’s upgraded version of Minter is expected to be available for download in late January 2021.
BlockMint is also developing software that allows website owners to earn cryptocurrency from users when they visit the owner’s site. As with the Minter browser, the MintAccess application will utilize the site visitor’s spare computing power to mine cryptocurrency. Income earned from the mined cryptocurrencies will be shared between the website owner and BlockMint. This will allow website owners to monetize the content on their site without having a site visitor pay a fee (no paywall) or view ads (ads will not display). A site visitor using any browser will be able to “opt-in” and allow his/her device to mine cryptocurrency in exchange for free content without ads. The application will only mine while the user is visiting the owner’s site and will disconnect once the user leaves the site. BlockMint is targeting a release date for MintAccess in the first half of 2021.
On behalf of
BLOCKMINT TECHNOLOGIES INC.
Nelson Ijih, CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the business strategy and objectives of BlockMint, the release dates for Minter and MintAccess and the closing of the private placement. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. 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. There is further no assurance that the Company will be successful in developing, commercializing or profitably operating its new business in the manner described. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.