Republic Technologies raises $2 million in first tranche of private placement

Republic Technologies Inc. (CSE: DOCT) completed the first tranche of a non-brokered private placement, raising $2 million through the issuance of 9,523,808 special warrants at $0.29 Canadian dollars each, the company announced.

Each special warrant will automatically convert into one common share without additional consideration. The conversion will occur on the earlier of two dates: five business days after the company files a prospectus supplement qualifying the distribution of underlying common shares, or four months and one day after the closing of the first tranche.

The securities issued under the first tranche are subject to a four-month hold period from the closing date, in addition to other applicable legal restrictions. Republic Technologies stated it will use proceeds for business operations and advancement of its Ethereum-powered attestation technology.

No finder's fees were paid in connection with the first tranche. The company indicated a second tranche may be completed subject to its strategic plan, advisor onboarding, and approval from the Canadian Securities Exchange.

Republic Technologies operates as a technology company focused on integrating Ethereum infrastructure into the global economy. The company maintains an ETH-denominated treasury and operates blockchain infrastructure designed for data integrity and scalable applications on the Ethereum network.

The company will make commercially reasonable efforts to file the prospectus supplement, though it noted no assurance can be provided that the filing will occur before the statutory hold period expires. The securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent proper registration or applicable exemptions.

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