Amendment to Term Sheet and Proposed Issuance of Share Purchase Warrants
NEWS RELEASE
VANCOUVER, BC – March 18, 2021 – – LUXXFOLIO Holdings Inc. (the “Company”) (CSE: LUXX) The Company signed an amendment to extend the Term Sheet Expiry Date of its binding term sheet with WestBlock Capital Inc. (“WestBlock”) to acquire the issued and outstanding shares of WestBlock (the “Acquisition”) to April 2, 2021. The Company proposes to issue 5,000,000 share purchase warrants (the “Warrants”). As previously disclosed, 2,500,000 of the Warrants will be issued to WestBlock shareholders upon closing of the Acquisition. The Company proposes to issue the remaining 2,500,000 Warrants to new principals it intends to hire upon the closing of the Acquisition. Each Warrant will be exercisable for one common share of the Company for a period of 24 months from the date of issue at a price of $0.40 per share if exercised in the first 12 months and $0.50 per share if exercised thereafter.
About LUXXFOLIO
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.
Contact Information:
For more information, please contact:
Dean Linden, Chief Executive Officer
Tel: (604) 398-3837 or (425) 449-9442
Email: dlinden@luxxfolio.com
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.