TORONTO, Dec. 21, 2017 /CNW/ - Blockchain Foundry Inc. ("Blockchain Foundry" or the "Company") is pleased to announce that it has closed the first tranche of a non-brokered private placement of 12,222,222 common shares at a price of $0.27 per share for gross proceeds of $3,300,000.

Blockchain Foundry was established in 2016 with the goal of developing and commercializing blockchain-based solutions built on the Syscoin blockchain infrastructure platform, which the management team of the Company developed in 2014.

The Company intends to use the net proceeds from the private placement to scale up its software development team, hire additional business development staff, and accelerate the development of its proprietary software products built using Syscoin's technology stack. In addition, Blockchain Foundry intends to pursue going public in Q1 2018, subject to meeting the applicable listing requirements of a Canadian stock exchange.

"We are at an exciting time in the evolution of our company," said Dan Wasyluk, President and CEO of Blockchain Foundry. "This financing round lets us accelerate our development timetable and pipeline and gives us the resources to build Blockchain Foundry into a leading provider of innovative blockchain products and services."

Commenting further, Mr. Wasyluk said, "There is currently tremendous interest in the blockchain space and Blockchain Foundry is well positioned to lead the charge towards building a blockchain-based economy. Our team has a proven track record and has successfully operated a leading blockchain protocol for several years. We look forward to working with our investors, clients and partners to continue growing the business in 2018 and beyond."

About Syscoin

Syscoin is a blockchain protocol that provides businesses and individuals the ability to trade goods, assets, digital certificates and data securely. The Syscoin token trades under the symbol "SYS" on leading digital asset exchanges including Bittrex (bittrex.com), Poloniex (poloniex.com) and Changelly (changelly.com). For more information please visit syscoin.org.

About Blockchain Foundry

Blockchain Foundry is a blockchain-technology development company. The Company designs and develops commercial blockchain-based solutions for businesses and individual consumers. Blockchain Foundry's management team developed the Syscoin protocol in 2014. To learn more about Blockchain Foundry please visit blockchainfoundry.co.

SOURCE Blockchain Foundry Inc.

For further information: Press Contacts: English/French Media Contact: Sebastien DiMichele, [email protected]; Chinese Media Contact: Willy Ko, [email protected]