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Acana Capital Corp. (CSE: ACM) has entered into a letter of intent (LOI) with Blockchain Technology Group Inc., doing business as Blockchain Intelligence Group (BIG). The LOI contemplates a business combination transaction, pursuant to which Acana will acquire all of the issued and outstanding common shares of BIG in exchange for 27 million postconsolidated common shares of Acana plus the issuance of 1,612,500 incentive stock options, 3,579,089 share purchase warrants and the issuance of up to 13 million performance warrants exercisable upon BIG meeting certain fiscal metrics following the closing of the acquisition. The acquisition is an arm's-length transaction and is expected to constitute a fundamental change under the policies of the Canadian Securities Exchange (CSE).
BIG is headquartered in Vancouver, B.C., Canada, and is an information technology company. As a developer of blockchain technology solutions, search and data analytics, BIG's proprietary platforms will globally target governments, law enforcement and the fintech sector. BIG presently has two products: Qlue and BitRank. Qlue is an API (application program interface) platform for law enforcement to aid in the fight against financial crimes involving bitcoin. It incorporates various techniques and advanced search algorithms to detect suspicious activity within bitcoin transactions' use of Dark Web tools, such as Tor and other methods commonly used by criminals to cover illegal activities. BitRank is a wallet scoring system that uses seach and analytics systems to determine a safety level of a bitcoin transaction by ranking the wallets involved in the transaction on the blockchain. Additional information is available on the BIG website.
Details of the acquisition
The LOI sets out certain terms and conditions pursuant to which the proposed acquisition will be completed. The acquisition is subject to the parties successfully entering into a definitive business combination agreement in respect of the acquisition on or before Sept. 8, 2017, or such other date as Acana and BIG may mutually agree.
The LOI also contemplates other material conditions precedent to the closing of the acquisition, including the completion of an equity financing to raise minimum gross proceeds of $2.5-million, customary due diligence, receipt of all necessary regulatory, corporate and third party approvals, compliance with all applicable regulatory requirements, and all requisite board and shareholder approvals being obtained. Certain of the Acana shares issuable pursuant to the acquisition may be subject to escrow requirements pursuant to the CSE policy and hold periods as required by applicable securities laws.
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Franklin Keen
Wow these ICOs and even crytocurrency stocks are up insane gains. ACM currently .59 up 460%? (o)(o) geeeee I am watching
Franklin Keen
Jul 31, 2017 at 02 20 pm