Rare Earth Industries To Acquire Ackroo

Rare Earth Industries Ltd. (TSXV:RND) entered into a definitive amalgamation agreement, in which a subsidiary of the company will amalgamate with MoneyBar Rewards Inc., operating as Ackroo.

As quoted in the press release:

Pursuant to the terms of the amalgamation agreement and subject to applicable regulatory and shareholder approval, the current shareholders of Ackroo will be issued 38,015,317 post-consolidated shares of RND, on the basis of one post-consolidated RND share for every two Ackroo shares outstanding immediately prior to the Acquisition. Additional securities of RND will be issued to acquire securities issued by Ackroo prior to closing, pursuant to current financing transactions. Following completion of the Acquisition, Ackroo will be a wholly-owned subsidiary of RND.

Click here to read the full press release.