DigitalX sees another director leave

Maria Nikolova

Sam Lee has resigned as a Director of the company with immediate effect.

Blockchain-based solutions provider and ICO adviser DigitalX Ltd (ASX:DCC) has earlier today reported that another of its Non-Executive Directors is leaving. Sam Lee has resigned as a Director of the company with immediate effect.

DigitalX did not elaborate on the reasons for the resignation of Sam Lee but thanked him for his efforts during his tenure as a Director and wished him well in his future endeavours.

The announcement is made just a couple of days after DigitalX announced the departure of Stephen Roberts as a Director. Mr Roberts left the company less than three months after joining.

Shortly after today’s announcement about the resignation of Sam Lee, DigitalX said its securities

will be placed in trading halt, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on July 11, 2019 or when the announcement is released to the market.

As FinanceFeeds has reported, over the past several months, DigitalX has been busy issuing shares pursuant to the so-called settlement deed – an agreement between the parties in initial coin offering advisory case. The issue of 1,896,422 shares at a deemed issue price of $0.061519 per share on June 18, 2019, marked the third and final tranche pursuant to the settlement deed. The preceding share issue was announced on May 27, 2019, when the company said it issued a total of 1,576,568 shares at a deemed issue price of $0.074 per share. On May 13, 2019, DigitalX announced the issue of a total of 1,895,453 shares at a deemed issue price of $0.061551 per share.

On May 7, 2019, the company said it had finalised the legal proceedings, which related to an Originating Application and Statement of Claim filed by a group of parties relating to an investment made by those parties in an initial coin offering (ICO) to which the company was an advisor. That share issue marks the first tranche pursuant to the settlement deed.

The Claim, as announced in September 2018, was for a combined amount of approximately US$1,833,077 plus damages. DigitalX has denied any and all wrongdoing.

The company entered into a settlement deed on May 7, 2019 to provide full release from the applicant’s claims without any admission of liability by DigitalX. Further, DigitalX has released the parties from any and all claims.

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