Marathon Patent Group, Inc. Announces $5.0 Million Registered Direct Offering
December 11 2017 - 5:27PM
Marathon Patent Group, Inc. (NASDAQ:MARA), an IP licensing and
management company, today announced that it has agreed to sell
1,000,000 shares of its common stock for gross proceeds of
approximately $5.0 million. Each share of common stock is
being sold at a price of $5.00 per share.
The shares were offered and are being sold to
certain accredited investors in a registered direct offering. The
net proceeds from the offering, after deducting estimated offering
expenses, will be approximately $5.0 million. The offering is
expected to close on or about December 14, 2017.
Marathon intends to use the net proceeds of the
offering for working capital and general corporate purposes.
The securities were offered by means of a shelf
registration statement on Form S-3 (File #333-198569) which was
declared effective on January 6, 2015, by the Securities and
Exchange Commission, or SEC. A prospectus supplement and
accompanying base prospectus relating to the offering of the
securities will be filed with the SEC and will be available on the
SEC web site at www.sec.gov. Alternatively, Marathon will arrange
to send you the prospectus supplement and accompanying base
prospectus if you request it by calling Marathon at
703-232-1701.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Marathon Patent Group,
Inc.
Marathon is formerly an IP licensing company. On
November 2, 2017, Marathon announced that it has entered into a
definitive purchase agreement to acquire 100% ownership of Global
Bit Ventures Inc. (“GBV”), a digital asset technology company that
mines cryptocurrencies. The closing of the transaction is subject
to obtaining requisite approvals and customary closing conditions.
To learn more about Marathon Patent Group, visit
www.marathonpg.com. To learn more about Global Bit Ventures, visit
www.globalbitventures.com.
Forward-Looking Statements
Statements made in this press release include
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, regarding, but not
limited to, the amount and use of proceeds the Company expects to
receive from the sale of the shares of common stock in the
registered direct offering, the closing of the offering and
the closing of its acquisition of Global Bit Ventures, Inc.
Forward-looking statements can be identified by the use of words
such as “may,” “will,” “plan,” “should,” “expect,” “anticipate,”
“estimate,” “continue,” or comparable terminology. Such
forward-looking statements are inherently subject to certain risks,
trends and uncertainties, many of which the Company cannot predict
with accuracy and some of which the Company might not even
anticipate, and involve factors that may cause actual results to
differ materially from those projected or suggested. Readers are
cautioned not to place undue reliance on these forward-looking
statements and are advised to consider the factors listed above
together with the additional factors under the heading “Risk
Factors” in the Company's Annual Reports on Form 10-K, as may be
supplemented or amended by the Company's Quarterly Reports on Form
10-Q. The Company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events, new information or otherwise.
Contact InformationName: Jason AssadPhone: 678-570-6791Email:
Jason@marathonpg.com
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