16th June 2020
Byte Power Group Ltd is pleased to provide this update to shareholders in relation to the operations of the Group.
Proposed Capital Raising
The Company is proposing to undertake a capital raising by way of placement to institutional and/or sophisticated investors on terms to be determined by the board. The present intention is that such raising will be followed with an offer to all eligible shareholders on similar terms upon completion of the audited 30 June 2020 accounts. Funds raised will be used for the continued enhancement of the BPX Australian and BPX Singapore cryptocurrency exchange platforms and for general working capital and compliance costs. The Company will update shareholders in due course.
Shareholders have made several enquiries in relation to shares in BPG and their status now that BPG is delisted from the ASX. Although Byte Power Group Ltd has been delisted you still have a choice of keeping your investment in BPG or you can sell your shares to an interested buyer. The Company does not keep a register of interested buyers or seller. It is recommended that you seek independent professional advice before you make any decisions regarding your securities.
Soar Labs Pte Ltd settlement update
Further to BPG’s announcement on 1st October 2019, BPG is continuing discussions with Soar Labs Pte Ltd to finalise a repayment agreement for the recovery of $120,556.97 plus costs and interest owed to BPPL. This payment was expected to be made on or before 31 January 2020. Due to the disruption this year with COVID-19 Soar Labs Pte Ltd has requested further time to make the repayment. Discussions relating to this repayment are continuing.
Future Shareholder Announcements
As advised in an ASX release to the market on 30th January 2020, the Board is now following ASIC’s Good Practice Guidance for unlisted disclosing entities continuous disclosure requirements for website disclosure and complies with all applicable corporate governance practices. BPG will make material information available to its shareholders as soon as practical by disclosing material information on its website and will also provide periodic updates to shareholders.
Byte Power Group Limited