Neptune Dash Announces Proposed Name Change and Corporate Update
VANCOUVER, British Columbia – December 8th, 2020 – Neptune Dash Technologies Corp. (TSXV:DASH) (OTC:NPPTF) (FSE:1NW) (the “Company”) is pleased to announce that the Company will be changing its name to “Neptune Digital Assets Corp.” The board of directors of the Company has approved the name change and the Company has successfully reserved the name “Neptune Digital Assets Corp.” with the British Columbia corporate registry. The proposed name change is subject to the approval of the TSX-V. No action is required from shareholders in connection with the proposed name change. Issued certificates representing commons shares of the Company will not be effected by the change of name and will not need to be exchanged. The Company encourages shareholders to contact their broker or agents with any questions regarding the proposed name change. “The new name now better represents our corporate strategy and the direction we are headed as an entity into 2021. We are very happy to see the renewed enthusiasm for the space and for these types of investments overall. We will continue to build our balance sheet and make accretive investments to maximize return for all our shareholders, while maintaining the low-cost operation on which we pride ourselves”, stated Cale Moodie, Neptune CEO.
The Company will be filing its audited financial statements and MD&A prior to December 30, 2020 and will be pleased to show a 36% increase in net assets over prior year and a positive net income for the year ended August 31, 2020. This is due in part to a 55% reduction in operating costs and an increase in the value of underlying cryptocurrencies through strategic trades and performance of the protocol investment.
The Company is also pleased to announce that it has also closed a drawdown pursuant to the previously announced draw-down equity facility with Alumina Partners LLC for an aggregate gross proceeds of CAD$300,000. The Company issued 1,875,000 units at a price of CAD$0.08 per unit and 1,428,571 units at a price of CAD$0.105, with each unit consisting of one common share and one transferable common share purchase warrant entitling the holder to purchase one common share at a price of $0.175 for a period of three years from the issue date. The securities will be subject to a four month and one day hold period under applicable securities laws and the transaction remains subject to final approval from the TSX-V.
The Company intends to use the proceeds from the private placement for strategic crypto currency acquisitions.
TSX-V: DASH OTC: NPPTF FSE: 1NW
Neptune Digital Asset Corp. www.neptunedash.com About Neptune Dash Technologies Corp. The Company has a diversified cryptocurrency portfolio with investments made in top market cap tokens, proof-of-stake cryptocurrencies, decentralized finance and associated blockchain technologies.
ON BEHALF OF THE BOARD Cale Moodie, President and CEO Neptune Digital Assets Corp. www.neptunedash.com
Forward-Looking Statements This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans”, “proposes” or similar terminology. Forward-looking statements and information include, but are not limited to, the completion of the Company’s name change, the receipt of applicable TSX-V approvals, and the use of proceeds from the private placement. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the inherent risks involved in the cryptocurrency and general securities markets; the Company’s ability to successfully mine digital currency; revenue of the Company may not increase as currently anticipated, or at all; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties. The Company does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.