Not for distribution to U.S. newswire services or for dissemination in the United States.
This announcement and the information contained herein is restricted and is not for release, publication or distribution, in whole or in part, directly or indirectly in, or into or from the United States or any other jurisdiction in which the same would be unlawful. Further, this announcement is for information purposes only and shall not constitute an offer to sell or issue or the solicitation to buy, subscribe for or otherwise acquire any securities of The Bitcoin Fund in any jurisdiction in which any such offer or solicitation would be unlawful.
Toronto, Feb. 27, 2023 (CNW) | 3iQ Corp. ("3iQ") is pleased to announce that the Toronto Stock Exchange ("TSX") has accepted the notice filed by The Bitcoin Fund (TSX: QBTC, QBTC.U) (the "Fund") to renew its normal course issuer bid ("NCIB").
The Fund may purchase up to 680,633 Class A Units under the NCIB, representing approximately 10% of the public float of 6,806,331 Class A Units as of February 17, 2023. The Fund may purchase up to 157,661 Class A Units in any 30-day period which is 2% of the 7,883,051 Class A Units issued and outstanding as at February 17, 2023.
The Class A Units may be purchased for cancellation from March 1, 2023, to February 29, 2024, through the facilities of the TSX and/or alternative Canadian trading systems at a price per Class A Unit not exceeding the last published net asset value per Class A Unit. The Directors of the 3iQ, the manager of the Fund, believe that such purchases are in the best interest of the Fund and are a desirable use of its available funds. As of February 17, 2023, the Fund repurchased 46,100 Class A units pursuant to the NCIB.
Under the NCIB that expires on February 28, 2023, the Fund purchased 46,100 Class A Units at a volume weighted average price of US$27.55. Purchases were effected through the facilities of the TSX and at such times and in such numbers as determined by 3iQ in accordance with the policies and rules of the TSX. Purchases were also made through alternative eligible trading systems. Between March 1, 2022 and February 28, 2023, the Fund was allowed to purchase a total of 1,154,519 Class A Units, representing approximately 10% of the public float of 11,545,199 Class A Units as at February 23, 2022.
About 3iQ Corp.
Founded in 2012, 3iQ is one of Canada's largest digital asset investment fund managers. 3iQ offers investors convenient and familiar investment products to gain exposure to digital assets. For more information about 3iQ and its digital asset investment funds, visit www.3iq.io or follow us on Twitter @3iQ_corp.
Contact Information
Fred Pye – Chairman and Chief Executive Officer
E: fred.pye@3iQ.ca
P: +1 (416) 639-2130