Articles > Block One Capital’s investee OMAAT plans US$2M raise at US$10M valuation with affiliate of Consensys
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Block One Capital Inc. (TSXV: BLOK, OTCQB: BKPPF, Frankfurt: ES3), an investment company focused on early stage and high growth opportunities in the blockchain sector, is pleased to provide the following corporate update.
OMAAT (One Meter at a Time)
The first half of 2018 showed tremendous progress in partnership deals and technology development for OMAAT. The Dance for One Meter (D41M) initiative is being received with enthusiasm in the live events industry on a global level. D41M has signed agreements with three large scale clubbing and event promoters in multiple territories (Ushuaia Ibiza-Europe, RPM Presents-New York, RMD Group-San Diego). D41M is expected to be operational on approximately 360 individual events this year.
In July 2018, OMAAT entered into an agreement with Token Foundry Securities LLC (an affiliate of ConsenSys) to undertake an equity offering of up to US$2,000,000 at an anticipated US$10,000,000 pre-money valuation. Block Capital plans to participate in this capital raise for an additional investment of US$300,000.
Block One believes its investment in OMAAT reflects strong value creation for its shareholders as the original USD$500,000 participation is now valued at close to USD $2,5000,000, reflecting a return of nearly 5 times on its original investment.
OMAAT has joined ConsenSys Blockchain Social Impact Coalition and was an invited participant in the Token Foundry European road show. OMMAT has also entered into an agreement to have Token Foundry develop, market and launch OMAAT’s ERC-721 non-fungible Rainforest Game Token.
OMAAT is specialized in developing technologies and infrastructure to help save and protect endangered lands by the gamification of online conservation efforts, achieved by using a patented virtual grid system and tokenization method, one square meter at a time. Revenue streams are generated by token sales, product licensing, global event and festival sponsorship opportunities and creation and management of corporate social responsibility services for medium to large enterprises. The technology can also be licensed to tokenize real estate and development projects.
For more information on Block One please visit the Company’s website at: www.blockonecap.com.
Chief Executive Officer
This news release contains forward-looking statements that are based on the Company’s expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to the prospects of developing a formal agreement with a leading provider of risk management software and a residential whole loan exchange; the prospects of developing formal arrangements with additional housing GSEs, including those involved in the US residential mortgage market, and a European headquartered international financial management company; and Shopin's business plans and ability to expand awareness of its business. Although Block One believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in forward-looking statements include general economic, market or business conditions, including the general acceptability of blockchain, risks associated with regulatory changes, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks and receipt of necessary TSX Venture Exchange approvals. These forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FOR ADDITIONAL INFORMATION CONTACT:
Block One Capital Inc.
Office: 604-398-4485; email: email@example.com