Bluesky Digital Assets Corp., Announces Debt Settlement

Rhea-AI Summary

Bluesky Digital Assets Corp. announces debt settlement through issuance of Common Shares to repay loans and secure debt, preserving cash for working capital and AI development without changing control.

Toronto, Ontario--(Newsfile Corp. - April 3, 2024) - Bluesky Digital Assets Corp., (CSE: BTC), (OTCQB: BTCWF), ("Bluesky" or the "Corporation") announced today that it had entered into an agreement where the Corporation will pay back the $100,000 CAD loan that was advanced to the Corporation via the $300,000 CAD credit facility agreement the Corporation announced it had entered into, via press release, back on February 22, 2024. The Corporation will settle the outstanding loan amount via the issuance of 3,333,333 Common Shares at a price of $0.03 CAD per Common Share. The Corporation also announced today that it will also settle an aggregate of $50,000 CAD of secured debt owed to a creditor via the issuance of an aggregate 1,666,667 Common Shares at a price of $0.03 CAD per Common Share. The debt settlement will assist the Corporation in preserving its cash for working capital and to further advance its AI endeavors. The issuance of the 5,000,000 Common Shares will not result in a change of control of the Corporation.

About Bluesky Digital Assets Corp.

Bluesky Digital Assets Corp, has created a high value digital enterprise at the intersection of Artificial Intelligence, Blockchain and Web3 business solutions. Leveraging its success as an early adopter providing proprietary technology solutions, Bluesky has invested in its Roadmap. Bluesky's platform, BlueskyINTEL, is well positioned to leverage the current exponential growth of Artificial Intelligence ("AI") and Blockchain based technologies through a tightly focus built collaborative platform. This innovative web platform offering supports and better enables businesses to adopt and utilize these emerging and developing technologies.

For more information please visit Bluesky at: www.blueskydigitalassets.com or www.blueskyintel.com

Please also follow us on Linkedin at: www.linkedin.com/company/bluesky-digital-assets/

For further information please contact:

Mr. Ben Gelfand
CEO & Director 
Bluesky Digital Assets Corp.
T: (416) 363-3833
E: ben.gelfand@blueskydigitalassets.com

Mr. Frank Kordy
Secretary & Director
Bluesky Digital Assets Corp.
T: (647) 466-4037
E: frank.kordy@blueskydigitalassets.com

Forward-Looking Statements

Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward- looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider as that term is defined in the policies of the CSE accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/204257

FAQ

What did Bluesky Digital Assets Corp. announce regarding debt settlement?

Bluesky Digital Assets Corp. announced that it will settle a $100,000 CAD loan and $50,000 CAD of secured debt by issuing Common Shares.

How many Common Shares will be issued to settle the loan amount?

The will issue 3,333,333 Common Shares at a price of $0.03 CAD per share to settle the $100,000 CAD loan.

What is the price per Common Share for settling the secured debt?

Bluesky Digital Assets Corp. will issue 1,666,667 Common Shares at a price of $0.03 CAD per share to settle the $50,000 CAD secured debt.

Will the issuance of 5,000,000 Common Shares result in a change of control?

No, the issuance of 5,000,000 Common Shares will not result in a change of control of the

How will the debt settlement help Bluesky Digital Assets Corp.?

The debt settlement will assist the in preserving its cash for working capital and advancing its AI endeavors.