Cryptocurrency Stock News: Bluesky Digital Assets Corp. (CSE: BTC), Announces Normal Course Issuer Bid
Toronto, Ontario - June 8, 2022 (Newsfile Corp.) (Investorideas.com Newswire) Bluesky Digital Assets Corp., (CSE: BTC), (OTCQB: BTCWF), ("Bluesky" or the "Corporation") is announcing today its intention to initiate a Normal Course Issuer Bid ("NCIB") to purchase Common Shares of the Corporation through the facilities of the Canadian Securities Exchange (the "CSE"). Pursuant to the NCIB, the Corporation may purchase up to 3,209,590 of its Common Shares over a 12-month period, representing approximately 5% of the Total amount of Common Shares that are issued and outstanding as of June 8, 2022.
The NCIB will commence on June 9, 2022 and it will terminate on June 9, 2023 or such earlier date on which purchases under the NCIB have been completed. The Common Shares purchases under the NCIB will be made through the facilities of the CSE or alternative Canadian trading systems at the market price of the Common Shares at the time of acquisition.
The number of Common Shares the Corporation is permitted to purchase during any 30-day period is limited to 1,283,836, representing 2% of the total issued and outstanding Common Shares as of June 8, 2022. The Common Shares will be purchased at the discretion of the Senior Management Team of the Corporation. All Common Shares purchased by the Corporation under the NCIB will be returned to treasury and cancelled once the NCIB is completed or at an alternative time(s) that the Management Team deems as being appropriate.
iA Private Wealth Inc., has been appointed to make purchases under the NCIB program on behalf of the Corporation.
The Management Team of the Corporation believes that the Common Shares have been trading in a price range that does not adequately reflect the true value of the Common Shares in relation to the Corporation's current activities and future prospects. As a result, the Management Team strongly believes that the purchasing of Common Shares, from time to time, would be an appropriate use of corporate funds and would potentially result in benefits to all shareholders.
The actual number of shares purchased, timing of purchases, and share price will depend on market conditions and in compliance with CSE policy guidelines. If the Management Team decides it has a better use of these funds to increase shareholder value, it is under no obligation to continue to buy shares in the open market.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Bluesky Digital Assets Corp.
Bluesky Digital Assets Corp., is building a high value digital currency enterprise. Bluesky mines digital currencies, such as Bitcoin and Ether, and is developing value-added technology services for the digital currency market, such as digital mining proprietary software. Offering a complete ecosystem of value-creation, Bluesky's digital currency mining may re-invest its mining profit. A percentage of the profit will be invested in the development of a proprietary Artificial Intelligence ("AI") based technology. Overall, Bluesky takes an approach that enables the Corporation to scale, and respond to changing conditions, within the still-emerging digital currency industry. The Corporation is poised to capture value in successive phases as this industry continues to scale. For more information, please visit www.blueskydigitalassets.com or www.blueskyintel.com.
For further information please contact:
Mr. Ben Gelfand
CEO & Director
Bluesky Digital Assets Corp.
T: (416) 363-3833
Mr. Frank Kordy
Secretary & Director
Bluesky Digital Assets Corp.
T: (647) 466-4037
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.
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