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BlockChain Innovations Corp., an international supplier of blockchain technology catering to the regulated gaming industry – is all set to go public in the third quarter of 2018. It has signed a letter of intent with Capricorn Business Acquisition Inc. for its qualifying transaction to go public. This is an offshoot the US Supreme Court decision to strike down the law that prohibited gambling outside of Nevada. According to the American Gaming Association, there is over US$250 billion wagered annually in the USA.
FMI Capital Advisory Inc., (a sister company to Foundation Markets Inc. – a Toronto-based merchant/investment banking group) has been engaged to act as an exclusive financial advisor to BCI and FMI has been engaged as a financing agent to complete a capital raise via private placement.
The raise will target strategic and institutional investors, and the net proceeds will be used to invest in the Company’s technology and product development, marketing and brand awareness, and working capital.
The planned go-public transaction will make BCI the first on-blockchain wagering public company in the world to serve the regulated and player-to-player gaming industries in the United Kingdom, Europe, USA, and gaming jurisdictions worldwide. BCI will announce further details pertaining to the go-public transaction in due course.
BCI’s CEO Matt Stafford commented: “With the United States sports betting market opening and the go-public transaction set for the Third Quarter, BCI can bring its gaming-by-design blockchain technology to several regulated gaming markets, I want to extend a sincere thanks to all our investors for making this milestone in BCI’s history possible.”
Adam Szweras, Chairman of Foundation Markets also commented: “BCI continues Foundation Market’s proven track record of successfully backing companies in the emerging high growth industries. We are excited to be a part of BCI’s one-of-a-kind market-ready blockchain technology.”
Source: European Gaming Industry News