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Voyager Digital Completes Private Placement Of C$2.9 Million

Voyager Digital Canada, Ltd., a public, licensed crypto-asset broker that provides investors with a turnkey solution to trade crypto assets, today announced it has received subscriptions in connection with a non-brokered private placement for gross proceeds of C$2,896,888 million (US$2,161,282) through the sale and distribution of 14,484,440 units in the capital of the Company (each, a “Unit”) at a price of C$0.20 per Unit. The Private Placement will be closing this week to accommodate settlement challenges due to Covid-19.

Each Unit is comprised of one common share of the Company and one-half Share purchase warrant, with each whole Warrant entitling the holder to subscribe for one additional Share at a price of C$0.30 per Share for a period of 24 months from the date of issuance (the “Warrant Expiry Date”). In the event that the closing trading price of the Shares on the Canadian Securities Exchange is C$0.30 or greater for a period of ten consecutive trading days, the Company may, at its option, accelerate the Warrant Expiry Date by issuing a press release (the “Warrant Acceleration Press Release”). In such case, the Warrant Expiry Date shall be deemed to be the 30th day following the issuance of the Warrant Acceleration Press Release.

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Proceeds from the Private Placement will be used to increase Voyager’s customer account base through marketing, product development and for other general corporate purposes.

Included among the investors in the Private Placement were Susquehanna Government Products, LLLP, Streamlined Ventures, LLC and Market Rebellion, LLC, as well as Market Rebellion’s co-founders, Jon and Pete NajarianDirk Mueller-Ingrand and other insiders of the Company.

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“We are very excited to have such a group of highly respected industry investors to support our aggressive growth plan,” said Stephen Ehrlich, CEO and Co-Founder of Voyager. “With this funding now completed, we will now accelerate the execution of our product roadmap to support our rapid account growth, asset growth, and increased trading activity of our customer base.”

The Company engaged Regent Mercantile Bancorp Inc. to provide advisory and structuring services for the Private Placement. Regent Mercantile Bancorp, Inc  was paid a cash fee equal to C$119,072 and received 595,361 Warrants.

The Company is also pleased to announce that it has entered into a debt settlement agreement with certain employees whereby the Company will settle up to C$103,112 of outstanding payables through the issuance of 515,560 Shares at a deemed price of C$0.20 per Share (the “Debt Settlement”).

Each of the Private Placement and the Debt Settlement are subject to the acceptance of the Canadian Securities Exchange. All Shares and Warrants issued in connection with the Private Placement and the Debt Settlement will be subject to trading restrictions.

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