Mobi724 Global Solutions Inc. Closes the Last Portion of the Acquisition with Former Shareholders of I.Q. 7/24 Inc. on Better Terms to Focus on its Growth Strategy Plan
Mobi724 Global Solutions Inc. Closes the Last Portion of the Acquisition with Former Shareholders of I.Q. 7/24 Inc. on Better Terms to Focus on its Growth Strategy Plan
MONTREAL, QUEBEC–(Marketwired – May 11, 2017) – MOBI724 Global Solutions Inc. (“MOBI724” or the “Company”) (CSE:MOS)(CSE:MOS.CN)(CNSX:MOS)(OTCQB:MOBIF), a Fintech leader offering all in one fully integrated EMV payment, card link couponing and digital marketing, announces that it has successfully renegotiated the terms of the balance of sale of the acquisition of its wholly owned subsidiary I.Q. 7/24 Inc (“IQ”) and that it has paid the IQ former shareholders the amount of $800,000 in cash and has issued 3,492,958 common shares (the “Shares”) at a price of $0.355 for a value of $1,240,000. The total aggregate value of the renegotiated terms of the balance is $3,099,937 in Canadian dollars. After the aforesaid payment in cash and the issuance of the Shares, a final payment in the amount of $1,059,937 will be payable by September 10, 2017.
Marcel Vienneau, the CEO of the Company said, “We are very content with the outcome of the renegotiated terms as it will bring value to the Company. The renegotiated terms gives the Company the opportunity save approximately 2M dollars on the purchase Price which is a huge benefit to the Company and its shareholders. Both parties win as IQ724 gets their shares now and will benefit from the value created forward as we both focus on value creation. There are multiple synergies that will be acted upon now; there are many opportunities to grow this vertical from our global reach and mostly leverage IQ724 expertise and solutions for payment card issuers globally.” “We at iQ724 are excited and look forward to the next stage of our relationship with MOBI724 and that is leveraging our complimentary skill sets and technological advancements to generate innovative and profitable solutions for our customers,” said Daniel Tardif, President of iQ724.
About Mobi724 Global Solutions
Mobi724, a leader in the fintech industry based in Montreal (Canada), offers a unique and fully integrated suite of payment & digital marketing solutions with a combined EMV Payment, Card Linked Offers, and Digital Marketing platform that works on any card and any mobile device. Mobi724’s solutions add value to all types of transactions benefiting banks, retailers and cardholders by leveraging available user and purchasing data to increase transaction volumes and spend. Mobi724 provides a turnkey solution to its clients to capture card transactions on any mobile device, at any point of sale or from any payment card. Mobi724 provides its customers with full and comprehensive traceability and enriched consumer data through its offering. Its solutions enables card associations, retailers, manufacturers, offer providers, mobile operators and card issuers to create, manage, deliver and “track and measure” incentive campaigns worldwide to any mobile device and allow its redemption at any point of sales.
Forward-Looking Statements
Certain statements in this document, including those which express management’s expectations or estimations with regard to the Company’s future performance, constitute “forward-looking statements” as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to the Company or to any individual expressing them in the name of the Company. Unless required by law, the Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. 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 unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.
MOBI724 Global Solutions Inc.
Marcel Vienneau
1-514-394-5200 x 413
www.mobi724.com
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in Financial Technology, Mobi724 Global Solutions, News Home, Technology
Canamex closes acquisition of remaining Bruner interest
Canamex closes acquisition of remaining Bruner interest
Canamex Resources Corp. and Patriot Gold Corp. have closed the transaction whereby Canamex Resources has purchased Patriot Gold’s 30-per-cent working interest in the Bruner gold/silver mine for $1-million (U.S.) cash.
Patriot retains a 2-per-cent net smelter return (NSR) royalty on the Bruner properties, including any claims acquired within a two-mile area of interest around the existing claims. Additionally, Canamex has the option to buy down half of the NSR royalty retained by Patriot for $5-million (U.S.) any time during a five-year period following closing of the purchase and sale agreement.
Canamex’s chief executive officer, Mark Billings, commented: “This acquisition consolidates our 100-per-cent ownership stake in the greater Bruner property, and offers our shareholders greater leverage to the exploration upside on the property and an increase in the price of gold.”
Patriot Gold’s chairman, Bob Coale, said: “Consolidation of Patriot’s interest in the Bruner project exemplifies our corporate mission of finding partners to develop our projects while maintaining an interest in the properties through net smelter returns. We are looking forward to the continued success of the Bruner gold project.”
Greg Hahn, president and chief operating officer of Canamex, a certified professional geologist (No. 7122), is the qualified person under National Instrument 43-101 responsible for preparing and reviewing for Canamex the data contained in this press release.
We seek Safe Harbor.
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in Canamex Resources Corp., Mining, News Home
Majescor Resources Acquires Mining Division of Diagnos
Majescor Resources Acquires Mining Division of Diagnos
– Momentum Public Relations –
Press Release: March 15, 2017
OTTAWA, ONTARIO–(Marketwired – March 15, 2017) – Majescor Resources Inc. (“Majescor” or the “Company”) (TSX VENTURE:MJX) is pleased to announce the signing of an agreement with Diagnos Inc. (“DIAGNOS”) for the purchase of its assets from the mining division, including the Computer Aided Resources Detection System (“CARDS”), for total value of $800,000.
Under the terms of the agreement, on or before March 31, 2017, Majescor will issue 8,000,000 common shares of its share capital to DIAGNOS, at a deemed price of $0.10 per share, in payment for the acquisition of the assets, consisting of DIAGNOS’ mining claims, royalty agreements, and the CARDS system. Additionally, Majescor will remit to DIAGNOS (i) 50{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of any payment that Majescor receives from the royalty agreements forming part of the acquired assets, and (ii) 5{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of revenues generated by the commercialization of the CARDS system.
“This is a game changer for Majescor. It puts us in the forefront in becoming the leader in using artificial intelligence and machine learning for mineral exploration. DIAGNOS has over a 10-year track record of using and perfecting its CARDS system and we are excited about the added value that Majescor will now be able to provide to our own mineral projects as well as the potential for revenue-generating third party applications”, stated André Audet, President and CEO of Majescor.
The transaction is subject to terms and conditions such as receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. All monies quoted in this news release shall be stated and paid in lawful money of Canada.
About Majescor Resources Inc.
Majescor is a junior mining exploration company with an extensive portfolio of gold and diamond properties in Quebec.
Additional information about the Corporation is available under Majescor’s profile on SEDAR at www.sedar.com.
This news release contains certain “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or are events or conditions that “will”, “would”, “may”, “could” or “should” occur or be achieved. This news release contains forward-looking statements, pertaining to, among other things, the following: the resumption of the trading of Majescor shares on the TSX Venture Exchange. Statements regarding future production, capital expenditures and development plans are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling risks, regulatory changes and certain other known and unknown risks detailed from time to time in Majescor’s public disclosure documents, copies of which are available on Majescor’s SEDAR profile at www.sedar.com.
Although Majescor believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance. Majescor’s actual results may differ materially from those expressed or implied in forward-looking statements and readers should not place undue importance or reliance on the forward-looking statements. Statements including forward-looking statements are made as of the date they are given and except as required by applicable securities laws, Majescor disclaims any intention or obligation to publically update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
-
Andre Audet
President & CEO
Majescor Resources Inc.
613-241-5333
613-422-0773 (FAX)
andre@evertonresources.com
www.majescor.com
- Published in Albert Mining, Mining, News Home
Cruz Cobalt agreement for Chicken Hawk
Cruz Cobalt agreement for Chicken Hawk
– Momentum Public Relations –
Press Release: March 13, 2017
2017-03-13 16:11 ET – Property Agreement
The TSX Venture Exchange has accepted for filing an agreement dated Feb. 27, 2017, between Cruz Cobalt Corp. and Chancellor Corp. (Dane Brown), whereby Cruz Cobalt is acquiring a 100-per-cent interest in the Chicken Hawk prospect in southwestern Montana. In consideration, the company will issue three million common shares.
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in Cruz Cobalt, Mining, News Home
Cruz Cobalt to acquire Chicken Hawk prospect
Cruz Cobalt to acquire Chicken Hawk prospect
– Momentum Public Relations –
Press Release: February 28, 2017
Mr. James Nelson reports
CRUZ COBALT TO ACQUIRE THE CHICKEN HAWK COBALT PROSPECT IN MONTANA
Cruz Cobalt Corp. has entered into an agreement with an arm’s-length vendor to acquire the Chicken Hawk cobalt prospect located in Deer Lodge county, Montana. This new prospect consists of 64 contiguous lode claims covering approximately 1,300 acres.
The Chicken Hawk cobalt prospect claims are located on the western edge of the Boulder batholith and east of the Cordilleran fold and Thrust belt in southwestern Montana. Covering a boundary between a Cretaceous granodiorite and the Lowland Creek volcanics from the Eocene, the eight current claims are in the vicinity of a total of four volcanic rock suites. Cobalt, the primary targeted commodity of the Chicken Hawk, is occurring in the pyritized andesite and as cobaltian arsenopyrite; the sulphides are pnuematolytic in origin. The 64 claims surround four patented claims, no less than 15 unclaimed prospects, and three unclaimed adits.
Cruz president, James Nelson, stated: “We are very pleased to acquire this new cobalt prospect. Management believes that the cobalt trend in the Western USA snakes its way through Idaho, into Montana and up into Southern B.C. This is the targeted pattern of acquisition that Cruz has focused on in the past year. This new prospect now makes nine cobalt prospects within North America that Cruz has secured. Cruz has also secured one of the largest land packages, consisting of four separate cobalt prospects, all located in the Cobalt/Silver district of Ontario surrounding the city of Cobalt. Cobalt prices continue to trade to new five-year highs and have been on a significant uptrend over the past 12 months. Cruz is fully funded to commence operations on all of its nine cobalt prospects and management expects to be on the ground very shortly.”
Cruz currently has seven cobalt projects located in Canada and one in Idaho and now one in Montana. Cruz’s four separate Ontario cobalt prospects are all located in the vicinity of the city of Cobalt. The company’s projects include the 900-acre Coleman cobalt prospect, the 900-acre Johnson cobalt prospect, the 5,500-acre Hector cobalt prospect, the 1,480-acre Bucke cobalt prospect and the company’s 4,935-acre War Eagle cobalt prospect in British Columbia. Terms of this deal call for three million shares to be issued upon Toronto Stock Exchange approval.
The technical contents of this release were approved by Greg Thomson, PGeo, a qualified person as defined by National Instrument 43-101.
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in Cruz Cobalt, Mining, News Home
Namaste (N:CSE) Closes Acquisition of URT1
Namaste (N:CSE) Closes Acquisition of URT1
– Momentum Public Relations –
Press Release: October 18, 2016
Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N)(FRANKFURT:M5BQ) is pleased to announce that the Company has closed its acquisition of certain assets of URT1 Limited and it’s wholly owned US subsidiaries (collectively referred to as “URT1”). With completion of this acquisition, Namaste is now the world’s largest e-commerce company focused on sale of vaporizers and accessories. The acquisition of URT1 significantly increases Namaste’s revenue and gross profit on a proforma basis and re-affirms the Company’s role as the industry’s principal consolidator.
URT1 is one of the top 5 domains in the world for the sale of vaporizers, pipes and accessories. The company operates two websites, www.everyonedoesit.com and www.everyonedoesit.co.uk, and retails through select third-party marketplaces. Unaudited 12 month trailing revenues were approximately C$3.2 million for the period ended August 31, 2016 with a gross profit margin of 53{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}. URT1 has been in business since 2000.
Terms of the Transaction
Pursuant to the terms of the Definitive Asset Purchase Agreement announced on September 15, 2016, Namaste has acquired all the website domains, the customer list of over 40,000 individuals, the EDIT Collection of smoking accessories, direct relationships with over 190 vendors, intellectual property and related technologies. The purchase price was calculated as one-times the 12-month trailing gross revenue of URT1, subject to adjustments for inventory, wind down costs, and assumed liabilities. The assumed liabilities include a secured note of approximately C$500,000 for 4 years at an interest rate of 4{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} payable in equal annual installments. Upon closing of the transaction, the Company has provided an initial 80{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the purchase price to URT1 of the estimated cash wind down costs and 13,771,933 common shares. The Company will make an adjustment to the purchase price in 45 days, subject to the actual wind down costs realized by URT1. Any additional consideration to URT1 will either be provided in cash or common shares of the Company at a 25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} discount to the 10 day volume weighted average trading price of the common shares of the Company on the Canadian Securities Exchange.
Liberty North Capital Corp. acted as an advisor to URT1 in connection with the transaction.
Management and Board Appointments
Philip van den Berg has been appointed as Chief Financial Officer, Corporate Secretary and Director and Kiran Sidhu has been appointed as an Independent Director, subject to the approval of the Canadian Securities Exchange.
Philip van den Berg graduated cum laude in economics in 1985 at the University of Amsterdam. After graduating, Mr. van den Berg joined Pierson, Heldring & Pierson in the Netherlands as investment analyst. Most of his experience on the sell side was with Goldman Sachs in London where he joined when its European equities division was established in 1987. In 1995 Philip went to Deutsche Morgan Grenfell to participate in re-establishing its European equities division. During his career on the sell-side, he held various positions within research departments as investment analyst, supervisory analyst, member of the investment policy committee and head of research. In 1997 Philip moved to the buy-side as co-founder of Olympus Capital Management, one of the first European hedge funds (long short equity). In 2006 Philip co-founded Taler Asset Management, a wealth management company based in Gibraltar. Currently Philip is a non-executive director at Taler. Since 2014 Philip has been an active investor in various start-up companies in Europe and the US where he has held positions as director and CFO, including Golden Leaf Holding and URT1. He has implemented corporate governance and administrative systems, has been involved in a number of capital market transactions, oversaw a public listing and has been involved in mergers and acquisitions.
Kiran Sidhu graduated with and A.B. honors in computer science in 1985 from Brown University and an MBA in Finance from the Wharton School of Business in 1987. Mr. Sidhu was a manager with Price Waterhouse’s strategic consulting group in Los Angeles and a senior associate with Merrill Lynch Capital Markets in mergers and acquisitions in New York. Mr. Sidhu served as CFO of On Stage Entertainment and oversaw its initial public offering on NASDAQ. On Stage was subsequently sold to McCown De Leeuw & Co. Mr. Sidhu was a founder and the finance director of Nano Universe PLC where he oversaw its listing on the LSE-AIM. In 2003 he built Aspen Communication located in New Delhi, India into an outsourcing company skilled in e-commerce fraud detection, accounting, customer and systems support and data analytics to large customers included Party Gaming.
Sidney Himmel has resigned as Chairman of the Company and will remain with the Company as an advisor on accounting and corporate finance related activities. Darren Collins will remain with the Company as Executive Vice President, Corporate Development.
Management Commentary
Sean Dollinger, President and CEO of Namaste, comments: “The acquisition of URT1 represents our second major acquisition since taking the Company public in March of this year and positions Namaste as the largest e-commerce company focused on the sale of vaporizers and accessories globally. In combination with our recently completed capital raise, Namaste is poised for significant organic growth and will continue to seek strategic acquisition opportunities. I would like to thank all those individuals involved in bringing this transaction together. I would also like to personally thank Sidney and Darren for their contribution to the company and look forward to continuing to work with them both in their new roles.”
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has 26 ecommerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
Sean Dollinger, Chief Executive Officer
Further information on the Company and its products can be accessed through the links below:
- Published in Namaste Technologies, News Home
AtmanCo Announces the Issuance of a $2.0 Million Convertible Debenture and an Update of the Acquisition of VoxTel
AtmanCo inc. (“AtmanCo” or the “Company”) (TSX VENTURE: ATW), a leader and innovator in web psychometric test solutions for the corporate market and the consumer market, announces today that it has agreed to issue a secure, convertible debenture in the principal amount of $2.0 million. The debenture will mature after 5 years, bear interest at an annual rate of 10.0{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} and is convertible into common shares of AtmanCo at a price of $0.085 per share the first year and at a price of $0.10 per share thereafter. The Company will also issue to the Lender a total of 5 million share purchase warrants expiring after 5 years, each giving the holder the right to acquire one common share of AtmanCo at a price of $0.10 after one year. The Lender also has the right to nominate a candidate for director on the Company’s board. The net proceeds will be used to finance the acquisition, announced on June 9, 2016, of the business operating under the name “VoxTel” as well as the Company’s commercialization efforts and general corporate purposes. The closing is expected to occur on or about September 30, 2016.
The Company also intends to complete an additional private placement of up to $2.5 million, including up to $0.5 million in units and up to $2.0 million as a convertible debenture. Each unit will consist of one common share at a price of $0.085 and one-half of one common share purchase warrant, each whole warrant giving the holder the right to subscribe for one common share at a price of $0.15 from a period of 2 years from the issuance date. The debenture will mature after 5 years, bear interest at an annual rate of 10.0{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} and be convertible into common shares of AtmanCo at a price of $0.085 per share the first year and at a price of $0.10 per share thereafter. The net proceeds will be used to finance the acquisition of VoxTel as well as the Company’s commercialization efforts and general corporate purposes.
Update on the Acquisition of VoxTel
The Company also announces that it has signed a revised letter of intent with respect to its acquisition of VoxTel. Under the revised letter of intent, AtmanCo will pay a total purchase price of $3.0 million, reduced from $3.4 million. Subject to certain adjustments, that price would be paid as follows: up to $1.65 million cash at closing, $0.6 million as a balance of sale payable over 5 years starting 6 months after closing, and the issuance at closing of a combination of common shares and subscription receipts convertible into common shares having an aggregate value of $0.75 million. The purchase price will be adjusted upon closing by an amount equal to the excess or shortfall of the total working capital of VoxTel and Informationtelcharge.com relative to a target of $0.2 million, and will also be reduced by the amount of any accounts receivable of VoxTel and Informationtelcharge.com that remain unpaid 90 days after closing. The closing of the transaction is expected to occur on or about October 15, 2016.
For the unaudited financial year ended December 31, 2015, VoxTel’s sales were $13.4 million, its total assets were $2.6 million, its total liabilities were $1.9 million, its total equity was $0.7 million and its net earnings were $0.6 million (after adjusting for nonrecurring charges relating to legal fees). In connection with its acquisition of VoxTel and for no additional consideration, AtmanCo will also acquire 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the outstanding shares of Informationtelcharge.com Inc., which is a party to certain telecommunications contracts that are related to VoxTel’s business. For the unaudited financial year ended December 23, 2015, Informationtelcharge.com’s sales were $9,130, its total assets were $27,924, its total liabilities were $5,282 and its total equity was $22,642.
For more information on the acquisition of VoxTel, please see the Company’s press release dated June 9, 2016.
Forward-Looking Statements Disclaimer
Certain statements in this press release may be forward-looking. Such statements include those with respect to the closing of the acquisition of VoxTel (and Informationtelcharge.com), the Company’s ability to raise funds under the private placement and the use of the proceeds raised thereunder. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Such assumptions, which may prove incorrect, include the following: (i) All of the conditions for the transaction will be met. In particular, AtmanCo will complete a satisfactory due diligence on VoxTel’s operations, finances, legal condition, etc., (ii) AtmanCo and VoxTel’s shareholders will successfully negotiate and enter into a purchase agreement and other documents relating to the transaction, (iii) AtmanCo will successfully obtain the necessary regulatory approvals for the acquisition of VoxTel on commercially-acceptable terms, (iv) the acquisition of VoxTel will allow AtmanCo to achieve the anticipated synergies, in particular with respect to VoxTel’s clientele, products and geographic markets, (v) AtmanCo will be successful in its efforts to identify and secure subscribers under the private placement and (vi) AtmanCo’s management will not identify and pursue other business objectives using the proceeds of the private placement. Factors that could cause actual results to differ materially from expectations include (i) the discovery in the course of the due diligence of negative factors with respect to VoxTel that would prevent AtmanCo from proceeding with the acquisition, (ii) the failure of the negotiations between the parties with respect to the final documentation, (iii) the Company’s inability to achieve the anticipated synergies for any reason, including the refusal of VoxTel’s clients to refuse to acquire AtmanCo’s services or technical issues that prevent the integration of AtmanCo’s systems with those of VoxTel, (iv) the Company’s inability to secure subscribers under the private placement, (v) the Company’s inability to make effective use of the funds raised under the private placement, (vi) the Company’s inability to obtain the necessary regulatory approvals for the acquisition or the private placement, (vii) labour disputes or the materialization of similar risks, (viii) a deterioration in capital market conditions that prevents the Company from raising the funds it requires on a timely basis and (ix) generally, the Company’s inability to develop and implement a successful business plan for any reason.
A description of other risks affecting AtmanCo’s business and activities appears under the heading “Risks Factors and Uncertainty” on pages 9 and 10 of AtmanCo’s 2015 annual management’s discussion and analysis, which is available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that AtmanCo will derive therefrom. In particular, no assurance can be given as to the future financial performance of AtmanCo. AtmanCo disclaims any intention or obligation to update or revise any forward-looking statements in order to account for any new information or any other event, except as required under applicable law. The reader is warned against undue reliance on these forward-looking statements.
Additional information regarding the Company are available on SEDAR www.sedar.com
The TSX Venture Exchange and its Regulatory Services provider (as per meaning assigned to this term in TSX Venture Exchange’s policies) bear no liability as to the relevance or accuracy of this press release.
ABOUT ATMANCO
AtmanCo is the publisher of a scientifically validated psychometric test. Through the HR cloud platform or the application program interface (API), the results allow the companies to optimize the talents of their human capital by improving the recruiting and organizational development success rate. AtmanCo’s solutions also enable impacting the major consumer market by easily integrating them with our partners’ technological solutions.
Contacts:
AtmanCo inc.
Michel Guay
Founder, president and CEO
514.935.5959 ext. 301
mguay@atmanco.com
www.atmanco.com
AtmanCo inc.
Simon Bédard, CA, CPA, CFA, MBA
CFO
514.935.5959 ext. 304
sbedard@atmanco.com
© 2017 Canjex Publishing Ltd. All rights reserved.
China’s Jien Nickel Industry acquire Canadian Lithium Company for 513 million yuan
Jien Nickel Industry: 513 million yuan acquisition of Canadian Lithium miner
June 24, 2016 release night announced that its wholly owned subsidiary “Jean international investment Limited” to establish a wholly-owned subsidiary, 9554661 Canada Inc. and RB Energy Inc., Quebec Lithium Inc. liquidation receiver KSV Kofman Inc. signed an “asset purchase agreement” to acquire Quebec Lithium Inc the main assets of.
- Published in Blog, Fairmont Resources, Mining
DealNet closes acquisition of EcoHome Financial
Dealnet Closes the Acquisition of EcoHome Financial
– Momentum Public Relations – Feb.18
Dealnet Capital Corp. (“Dealnet” or the “Company”) (TSX VENTURE:DLS) today announced that it has closed the previously announced acquisition of EcoHome Financial Inc. (“EcoHome”), a premier non-bank lender in the Canadian heating, ventilation and air conditioning (HVAC) and home improvement segments, from Chesswood Group Limited (the “Acquisition”) for total consideration of approximately $35 million.
Pursuant to an amendment to the share purchase agreement dated February 17, 2016, the consideration paid for the Acquisition consisted of (i) $29 million in cash, (ii) 6,039,689 common shares of Dealnet having an aggregate value of $3.5 million; and (iii) a two-year unsecured convertible vendor take-back note in the principal amount of $2.5 million that bears interest at a rate of 6.0{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} per annum and is convertible by the holder into common shares of Dealnet at a conversion price of $0.64 per share.
In connection with the Acquisition, the Company previously issued 54,545,700 subscription receipts (the “Subscription Receipts”) at a price of $0.55 per Subscription Receipt for gross proceeds of approximately $30 million (the “Offering”). All of the Subscription Receipts issued pursuant to the Offering have been exchanged for common shares of Dealnet on a one-for-one basis as of today’s date. The net proceeds of the Offering have been released from escrow and were used to pay a portion of the purchase price of the Acquisition.
EcoHome has a seasoned, profitable loan book of over $60 million and a year over year origination growth rate of approximately 40{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}. The EcoHome portfolio consists of long term finance assets that have historically predictable revenue and cash flows. It operates on the same loan management software as Dealnet, making integration a straightforward process. Key EcoHome underwriters have transferred and/or increased their line capacity with the deal in support of the transaction and continued growth.
“This significant transaction elevates Dealnet’s lending business to a leading competitive position in this sector. The quality of the loan book within the home improvement space is demonstrated by 0.25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} loan loss rates net of recoveries which continues to attract low cost underwriting,” said Michael Hilmer, Dealnet’s Chief Executive Officer.
As part of the Acquisition, Dealnet acquires all customer contracts, vendor finance agreements, employees, operating platform, systems, agreements and other assets of EcoHome. Dealnet plans to combine treasury functions, technology, risk and credit management and overall origination capabilities with no job loss due to the considerable growth trajectory demonstrated by EcoHome and Dealnet.
“We are particularly pleased with the strong institutional support from our bankers and underwriters for our aggressive profitable growth strategy as we accelerate our plans to become one of the leading non-bank consumer lenders” said Dr. Steven Small, Dealnet’s Executive Chairman.
About Dealnet Capital Corp.
Dealnet is an engagement enabled consumer finance company that is initially focused on home improvement finance solutions including heating ventilation and air conditioning financing and leasing. Dealnet leverages its large scale customer service and engagement technology platform to attract home improvement dealers by providing front and back office services to dealer origination growth.
- Published in Dealnet News, Financial Technology, News Home
Dealnet (DLS:V) to Acquire EcoHome Financial
Acquisition to be Financed by a $30 Million Bought Deal Private Placement of Subscription Receipts
Dealnet Capital Corp. (“Dealnet” or the “Company”) (TSX VENTURE:DLS) today announced that it has entered into a definitive agreement to acquire EcoHome Financial Inc. (“EcoHome”), a premier non-bank lender in the Canadian heating, ventilation and air conditioning (HVAC) and home improvement segments, from Chesswood Group Limited (the “Acquisition”) for total consideration of approximately $35 million.
The cash portion of the purchase price will be financed from the proceeds of a bought deal private placement of Subscription Receipts of the Company described below, led by GMP Securities L.P., Paradigm Capital Inc., Cormark Securities Inc. and INFOR Financial Inc.
Under the terms of the definitive agreement, Dealnet will acquire all of the shares of EcoHome, which has a seasoned loan book of over $60 million and a year over year origination growth rate of approximately 40{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}. The EcoHome portfolio consists of finance assets that have historically demonstrated low default rates and predictable revenue and cash flows. Key EcoHome lending facilities will transfer, and be increased on close adding low cost incremental capacity to Dealnet’s existing funding facilities.
“Our current platform is designed for large scale volume and to accept these acquisitions with no disruptions to business operations. With our incremental significant scale in origination volume we expect additional capital efficiencies in terms of lowering the cost of underwriting, driving incremental yield,” said Michael Hilmer, Dealnet’s Chief Executive Officer. “This acquisition will establish Dealnet as a new leader in the HVAC/Home Improvement consumer financing segment with a full market offering and end-to-end value added services. We continue to see opportunity for accretive acquisitions in markets where our equity and lending capacity, is a valuable currency. We will continue to focus on strong organic growth while continuing to review complementary acquisitions.”
Steven Small, Executive Chairman, stated “We have delivered on our penetration into the HVAC/Home Improvement space. This strong advance now allows us to continue as planned into retail and healthcare consumer finance. Our march to become the dominant ‘prime’ non-bank consumer finance company is proceeding as planned.”
As part of the Acquisition, Dealnet will acquire customer contracts, vendor finance agreements, employees, operating platform, systems, agreements and other assets of EcoHome. Dealnet expects to combine treasury functions, technology, risk and credit management and overall origination capabilities with no job loss due to the considerable growth trajectory demonstrated by EcoHome and Dealnet.
Under the terms of the agreement, Dealnet will satisfy the purchase price by a combination of (i) approximately $30 million in cash, (ii) common shares of Dealnet having an aggregate value of $3 million, and (iii) an unsecured convertible vendor take-back note in the principal amount of $2 million.
The Acquisition is expected to close in February, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.
Cormark Securities Inc. and INFOR Financial Inc. are acting as the financial advisors to Dealnet on the Acquisition.
Bought Deal Private Placement
Dealnet has entered into an agreement with a syndicate of underwriters led by GMP Securities L.P., Paradigm Capital Inc., Cormark Securities Inc. and INFOR Financial Inc. (the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a “bought deal” private placement basis, 54,545,700 subscription receipts (the “Subscription Receipts”) of the Company at a price of $0.55 per Subscription Receipt (the “Offering Price”) for gross proceeds of approximately $30 million (the “Offering”).
Dealnet has also granted the Underwriters an option, exercisable up to two business days prior to the closing date of the Offering, to arrange for the purchase of up to an additional 8,181,855 Subscription Receipts at the Offering Price for additional gross proceeds of approximately $4.5 million. The net proceeds of the Offering will be used to fund the cash portion of the purchase price of the Acquisition, and Dealnet’s future growth as well as for general corporate purposes.
Each Subscription Receipt will entitle the holder thereof to receive, without payment of further consideration or further action, one common share of Dealnet (a “Common Share”) in exchange for each Subscription Receipt upon satisfaction of certain escrow release conditions, including the satisfaction of all conditions precedent (but for the payment of the purchase price) of the Acquisition, provided that the conditions have been satisfied by March 31, 2016.
The Subscription Receipts will be issued pursuant to a subscription receipt agreement (the “Subscription Receipt Agreement”). Pursuant to the Subscription Receipt Agreement, the proceeds of the Offering, net of 50{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the Underwriters’ fee payable in connection therewith, will be held in escrow pending delivery of notice of the closing of the Acquisition. If: (i) the Acquisition closing does not occur prior to 5:00 p.m. (Toronto time) on March 31, 2016; (ii) the Acquisition share purchase agreement is terminated at an earlier date; or (iii) Dealnet announces that it does not intend to proceed with the Acquisition, the subscription receipt agent and Dealnet will return to holders of Subscription Receipts an amount per Subscription Receipt equal to the Offering Price plus a pro rata share of the interest earned or deemed to be earned on the escrowed funds, net of any applicable withholding taxes.
The Offering is expected to close on February 5, 2016 and is subject to certain conditions, including the receipt of TSX Venture Exchange approval.
The Subscription Receipts will be sold in all of the provinces and territories of Canada on a private placement basis pursuant to the “accredited investor” exemption under National Instrument 45-106 – Prospectus Exemptions and certain other available and agreed upon exemptions. The Subscription Receipts, including the underlying Common Shares, will have a hold period of four months and one day from the closing date of the Offering.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Dealnet Capital Corp.
Dealnet is an engagement enabled consumer finance company that is initially focused on home improvement finance solutions including heating ventilation and air conditioning financing and leasing. Dealnet leverages its large scale customer service and engagement technology platform to attract home improvement dealers by providing front and back office services to them resulting in dealer origination growth.
For additional information please visit www.sedar.com.
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