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Khot Infrastructure set for C$500,000 raise

The company intends to issue up to 5mln subscription receipts at 10 cents a pop, it said

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Proceeds will be used to "develop proprietary indexes and ancillary data products for emerging blockchain and digital currency markets

Khot Infrastructure Holdings Ltd (CNSX:KOT) announced plans to raise C$500,000 in a non-brokered private placing.

It intends to issue up to 5mln subscription receipts  at 10 cents a pop, assuming the completion of a previously reported share consolidation on the basis of 10 postconsolidation shares for every one preconsolidation share.

As reported last month, the group is looking to change business and move into the blockchain arena.

The proceeds of this financing will be used to "develop proprietary indexes and ancillary data products for emerging blockchain and digital currency markets, and for working capital and general corporate purposes," the firm said.

The proceeds will be held in escrow pending the completion of the transactions, including the share consolidation set out on March 9 this year.

Upon completion of the transaction, each receipt will automatically convert into one company share, as constituted following completion of the share consolidation.

Quick facts: Khot Infrastructure

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CSE:KOT
Market: CSE
Market Cap: -
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