On February 19, 2015 BitGold Inc. (“BitGold”) closed a private placement financing of subscription receipts (the “Subscription Receipts”) co-led by Dundee Securities Ltd. (“Dundee”), Clarus Securities Inc., GMP Securities L.P. and Canaccord Genuity Corp., whereby BitGold issued 7,777,777 Subscription Receipts at a price of $0.90 per Subscription Receipt for aggregate gross proceeds of $6,999,999.30 (the “Offering”). Upon satisfaction of the certain escrow release conditions, each Subscription Receipt shall be automatically exchanged without any further action by the holder, and for no additional consideration, for one unit of BitGold (each a “Unit”). Each Unit is comprised of one common share (a “Common Share”) in the capital of BitGold and one-half of one Common Share purchase warrant of BitGold (each whole such warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one Common Share (a “Warrant Share”) at an exercise price of $1.35 per Warrant Share for a period of 18 months from closing date of the Offering.

Peterson & Co acted for BitGold with a team that included Dennis Peterson and David Gardos