(TheNewswire)
Calgary, Canada - TheNewswire –December 17, 2021 – DeepMarkit Corp. ,(“ DeepMarkit ” or the" Company " )( TSXV:MKT ) is pleased to announce that it hasincreased its over-subscribed non-brokered private placement offering(the "Private Placement"), previously announced on November23, 2021, from a maximum of 4,000,000 units ("Units") to amaximum of 4,500,000 Units for total gross proceeds of up to$2,250,000. Each Unit is being offered at a price of $0.50 andcomprises one common share in the capitalof the company (each, a "Common Share") and one Common Sharepurchase warrant (each, a "Warrant"). Each Warrant willentitle the holder to purchase one additional Common Share ofDeepMarkit at an exercise price of $1.25 for a period of three (3)years from the date of the issuance of the Units.
DeepMarkit may pay a finder's fee of up to 7% issued incash or Common Shares, and 7% compensation warrants to eligiblefinders in connection with the issue and sale of any or all of theUnits under the Private Placement. The net proceeds from the PrivatePlacement will be used to fund continued business and corporateoperations of DeepMarkit (for which it is estimated that approximately40% of the net proceeds will be allocated), as well as the operationsof First Carbon Corp. ("FCC"), assuming the Companycompletes the previously announced acquisition of all FCC commonshares (the "Acquisition") (for which it is estimated thatapproximated 60% of the net proceeds will be allocated). Common Shares and Warrants issued pursuant tothe Private Placement will be subject to a four month hold periodrequired under applicable securities laws. Closing of each of thePrivate Placement and Acquisition are not conditional upon completionof the other.
The Company expects the Private Placement will closeconcurrently with the Acquisition, unless sooner permitted by the TSXVenture Exchange (the "Exchange"). The Private Placementremains subject to Exchange acceptance.
DeepMarkit and FCC have negotiated and settled theterms of the share purchase agreement pursuant to which theAcquisition will be completed (the " Definitive Agreement "). The Definitive Agreement will be dated effectiveonce it has been executed by all FCC vendor shareholders, which isexpected to be prior to December 31, 2021. The Acquisition remainssubject to Exchange acceptance. Readers are referred to the newsrelease of the Company dated November 23, 2021, for more informationabout the Acquisition. A more comprehensivenews release will be issued by DeepMarkit disclosing details of theAcquisition, including information about the FCC director nominee, andother information relevant to the Acquisition. Tradingin the Common Shares of DeepMarkit is currently halted. While thereis no certainty that the Common Shares of the Company will resumetrading until the Acquisition is completed and approved by theExchange, the Exchange may allow trading to resume after it hasreviewed initial filings by DeepMarkit with respect to theAcquisition.
The Company is also pleased to announce that it hasentered into an agreement with Calgary-based Meadowbank StrategicPartners Inc. ("Meadowbank" or the “Consultancy”) toprovide investor relations, capital markets and corporate developmentadvisory services. The agreement between the Company and theConsultancy is for an initial term of 12 months, effective December14, 2021, for a minimum cash fee of $7,500 per month plus GST. NeitherMeadowbank, nor any of its directors and officers currently own anysecurities of the Company or any right to acquire securities of theCompany. Meadowbank has not been granted an interest in or an optionto acquire any securities of the Company, and the fees payable to theConsultancy will be paid from the Company’s working capital on hand.Meadowbank is an arm’s length party to the Company. The contract issubject to any necessary approval by the Exchange.
Overview of FCC
FCC is a software infrastructure company operating inthe tokenization vertical of blockchain. FCC's primary asset,MintCarbon.io, is an SaaS, web-based platform which facilitates theminting of carbon credits into re-saleable tokens. MintCarbon.io iscurrently undergoing beta testing and FCC anticipates an officiallaunch in Q1 2022.
AboutDeepMarkit
DeepMarkit is a technology company focused on creating new tools andtechnologies to aid businesses in sales development and increasingprofitability.
DeepMarkit’s Common Shares are listed on the Exchange, symbol MKT.
For more information, please contact:
Interim CEO
Ranjeet Sundher
Tel: 403-537-0067
Email: corp@deepmarkit.com
Neither the TSX Venture Exchange nor its Regulation ServicesProvider (as that term is defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of thisnews release.
CAUTIONARYSTATEMENT
Statements in this press release may containforward-looking information. Any statements that are contained in thispress release that are not statements of historical fact may be deemedto be forward-looking statements, including statements relating to thecompletion of the Acquisition and the expected timing of receipt ofall shareholder and regulatory approvals, the Private Placement andthe expected timing for closing of same, and the use of proceeds fromthe Private Placement. The reader is cautioned that assumptions usedin the preparation of any forward-looking information may prove to beincorrect. Events or circumstances may cause actual results to differmaterially from those predicted, as a result of numerous known andunknown risks, uncertainties, and other factors, many of which arebeyond the control of DeepMarkit. Factors that could cause the actualresults to differ materially from those in forward-looking statementsinclude, but are not limited to, failure to obtain necessary FCCshareholder and regulatory approvals required for Acquisition,inability to complete the Private Placement, or failure to completethe Acquisition on the terms proposed, or at all. The reader iscautioned not to place undue reliance on any forward-lookinginformation. Completion of the Acquisition is subject to a number ofconditions, including but not limited to, execution of the DefinitiveAgreement and acceptance by the Exchange.
The forward-looking statements contained in thispress release are made as of the date of this press release andDeepMarkit does not undertake any obligation to update publicly or torevise any of the included forward-looking statements, whether as aresult of new information, future events or otherwise, except asrequired by securities law.
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