World News: 13:00 GMT Wednesday 15th May 2019. [Ether Capital Corporation via Globe Newswire via SPi World News]
TORONTO, May 15, 2019 (GLOBE NEWSWIRE) -- Ether Capital Corporation (“Ether Capital”, “ETHC” or the “Company”) (NEO:ETHC) announces the reporting of its financial results as at and for the three months ended March 31, 2019.
In the first quarter, the Company made a $1.3 million investment in MKR, the governance token of MakerDAO (“Maker”). Maker is a decentralized credit platform built on Ethereum in which collateral is leveraged to produce a stablecoin. Ether Capital purchased 2,300 MKR tokens from the Maker Ecosystem Growth Foundation in exchange for 7,374 Ether.
In the first quarter, the Company also closed a non-brokered private placement of 2,208,875 units of the Company (“Units”) for gross proceeds of approximately $1.1 million (the “Offering”). Each Unit was comprised of one common share of the Company and a warrant to purchase a common share of the Company at an exercise price of $0.48.
Brian Mosoff, Ether Capital’s CEO, said: “Our investment in MKR is complementary to our investment in Wyre, Inc., given Wyre’s commitment to the Maker ecosystem, decentralized finance and Web 3 user onboarding. We are also encouraged by the increase in the market price of Ether over the first quarter, which we believe may represent a response to continued platform advancement as well as developer and enterprise interest in the space.”
Added Stefan Coolican, Ether Capital’s President and CFO: “We are pleased to have completed our private placement this quarter under challenging market conditions. While we continue to consider and selectively evaluate investment opportunities consistent with our investment thesis, accessing additional capital and pursuing cash containment initiatives remain a key priority.”
As at March 31, 2019:
For condensed consolidated financial statements for the period from January 1, 2019 to March 31, 2019, please refer to the Company’s website at . The Company also provides regularly updated disclosure of its investments in the investors section of its website.
The Company’s unaudited interim financial statements, along with the accompanying management’s discussion and analysis have been filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) and may also be viewed under the Company’s profile at .
Globe Newswire: 13:00 GMT Wednesday 15th May 2019
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