Blockmate Ventures Inc (OTCMKTS:MATEF) Stock On Radar After Latest News

This past Friday Blockmate Ventures Inc (OTCMKTS:MATEF) was one of the companies that had come into the news cycle following a key announcement. The company announced on that day that it was looking to issue common shares for the purchase price of $0.05 a unit as part of a private placement in which it seeks to raise as much as $800,000 in gross proceeds.

Trading Data

On Friday, MATEF stock ended flat at $0.0310 with 10K shares, compared to volume of 761 shares. The stock moved within a range of $0.0310 – 0.0310 after opening trade at $0.0310.

Blockmate Ventures Announces Private Placement Capital Raising

The company is going to offer a total of 16,000,000 units. Each units is going to be made up of one common share in the company and one common share purchase warrant which would entitle the holder to pick up a common share in the company for $0.075 up until 36 months from the day of the closing of the offering.

Blockmate noted that it expected the offering to be closed on around June 9, 2023. The net proceeds generated from the offering would be used by the company for general working capital needs. Blockmate Ventures would also not be paying any finder’s fee, commissions or other related fees in relation to the offering. The conclusion of the offering is going to be dependent on a number of factors and one of those would be approval from the TSX Venture Exchange.