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Ethereum Capital closes $45M private placement

Ethereum Capital Inc. has completed a private placement of 18 million subscription receipts priced at C$2.50 apiece for gross proceeds of C$45 million.

The proceeds of the offering have been placed in escrow and will be released immediately before the completion of a proposed reverse takeover transaction with MOVIT Media Corp.

Following the escrow release, proceeds will be used to implement Ethereum Capital's strategy, initially through acquiring ether, the crypto-asset native to the Ethereum platform, and subsequently through strategic acquisitions of Ethereum-based businesses and for working capital and general corporate purposes.

The offering was co-led by Canaccord Genuity Corp. and CIBC Capital Markets, and the syndicate included GMP Securities LP.