Interlapse Announces Non-Brokered Private Placement Update

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES

VANCOUVER, BC, Oct. 27, 2020 /CNW/ - Interlapse Technologies Corp. (TSXV: INLA) (OTCQB: INLAF) announces that the Company intends to increase the size of its previously announced non-brokered private placement offering (see press release dated September 23, 2020) of up to approximately 5,000,000 units of the Company (the "Units") at C$0.15 per Unit, for aggregate gross proceeds of up to approximately C$750,000.

Each Unit is comprised of one common share of the Company and one share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of C$0.20 per share for a period of 18 months from the date of issuance. In the event that the closing trading price of the shares on the TSX Venture Exchange ("TSX-V") is C$0.40 or greater for a period of 10 consecutive trading days, the Company may, at its option, accelerate the warrant expiry date by issuing a press release.

The Company may pay finders' fees in connection with the private placement. Completion of the private placement is subject to certain conditions, including, but not limited to, the approval of the TSX-V.

Interlapse plans to use the funds towards further development of the Company's virtual currency and digital asset business.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the U.S. Securities Act) unless an exemption from such registration is available.

About Interlapse Technologies Corp.

Interlapse Technologies Corp. is a financial technology applications company accelerating the global mega-trend of virtual currency adoption. Our signature product, Coincurve.com, enables a simple, safe way to buy, sell and spend virtual currency.

To learn more, visit www.interlapse.com.

Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information
Statements contained in this release that are not historical facts are forward-looking statements, including statements relating to the payment of finders' fees and planned use of proceeds from the private placement, that involve various risks and uncertainty affecting the business of Interlapse. In making the forward-looking statements, Interlapse has applied certain assumptions that are based on information available, including Interlapse's strategic plan for the near and mid-term, including that regulatory approval of the private placement will be obtained in a timely manner, that all conditions precedent to completion of the private placement will be satisfied in a timely manner and that general economic and business conditions will not change in a materially adverse manner. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Interlapse does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

SOURCE Interlapse Technologies Corp.