Vancouver, British Columbia and Boulder, Colorado--(Newsfile Corp. - February 26, 2021) - Intellabridge Technology Corporation (CSE: INTL) (OTC Pink: CRBTF) (FSE: 98AA), a blockchain technology company, is pleased to announce that the Company has settled outstanding indebtedness and is considering a private placement.
The Company is in the process of considering a private placement of $3 million CAD anticipated to be priced around $0.50 CAD with warrants at $0.75 CAD. Intellabridge expects to use the net proceeds from the offering for general corporate purposes, including to pursue strategic partnerships and acquisitions. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
As part of the Company's strategy to reduce its liabilities, the Company has settled more than 70% of its total debts, with the settled amount of $450,035 CAD. The debt was settled to related parties through the issuance of 4,500,350 common shares of the Corporation at a deemed price of $0.10 per common share (the "Debt Settlement"). The common shares issued in connection with the Debt Settlement are subject to an extended hold period of one year that expires on February 26 2022.
About Intellabridge Technology Corporation
Intellabridge Technology Corporation (CSE: INTL) (OTC Pink: CRBTF) (FSE: 98AA) is a venture builder investing in blockchain technologies with a focus on fintech and decentralized financial ("DeFi") solutions.
For more information, visit www.intellabridge.com.
ON BEHALF OF THE BOARD OF DIRECTORS INTELLABRIDGE TECHNOLOGY CORPORATION
John Eagleton, CEO
To contact Intellabridge:
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of any of the word "will" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.