NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
TORONTO, May 08, 2020 (GLOBE NEWSWIRE) — 3iQ Corp. is pleased to announce that The Bitcoin Fund (the “Fund”) has completed its previously announced offering of Class A Units and Class F Units at a price of US$11.87 per Class A Unit and US$11.63 per Class F Unit for total gross proceeds of approximately US$48 million. The Class F Units were reclassified as Class A Units on a one-for-one basis on the date hereof. The Class A Units are listed and posted for trading on the Toronto Stock Exchange under the symbol QBTC.U.
The Fund’s investment objectives are to provide holders of units of the Fund with:
(a) exposure to the digital currency bitcoin and the daily price movements of the U.S. dollar price of bitcoin, and
(b) the opportunity for long-term capital appreciation.
3iQ Corp. acts as the manager and portfolio manager of the Fund.
The syndicate of agents for the Offering was co-led by Canaccord Genuity Corp. and Echelon Wealth Partners Inc., and includes Leede Jones Gable Inc., Mackie Research Capital Corporation and PI Financial Corp. (collectively, the “Agents”). The Fund has granted the Agents an option to purchase up to an additional 15% of the Class A Units issued on the closing date of the Offering, on the same terms and conditions, exercisable in whole or in part, for a period of 30 days from the date of this news release.
Founded in 2012, 3iQ is a Canadian investment fund manager focused on providing investors with exposure to digital assets, disruptive technologies and the blockchain space. For further information, please visit our website at www.3iq.io or contact Frederick T. Pye at fpye@3iq.ca. In addition to the Fund, 3iQ manages a private digital asset fund which is eligible for investment by accredited investors in Canada or in reliance on other exemptions from the prospectus requirement.