The Conversation (0)
Datametrex (TSXV:DM) has announced that its wholly owned subsidiary, Ronin Blockchain entered into a letter of intent with Cluny Capital (TSXV:CLNH) on June 26 to combine the businesses of the two companies. As quoted in the press release: The Proposed Transaction will result in a reverse takeover of Cluny by Ronin and its shareholders. Cluny intends for the acquisition …
Datametrex (TSXV:DM) has announced that its wholly owned subsidiary, Ronin Blockchain entered into a letter of intent with Cluny Capital (TSXV:CLNH) on June 26 to combine the businesses of the two companies.
As quoted in the press release:
The Proposed Transaction will result in a reverse takeover of Cluny by Ronin and its shareholders. Cluny intends for the acquisition of Ronin to constitute its Qualifying Transaction (as such term is defined in the policies of the TSXV.
The Proposed Transaction
It is currently anticipated that Cluny will acquire Ronin by way of a share exchange, merger, amalgamation, arrangement or other similar form of transaction as agreed by the parties, which will result in Datametrex holding the majority of outstanding shares of Cluny upon closing of the Proposed Transaction (the “Resulting Issuer“).
Prior to the closing of the Proposed Transaction, Ronin will effect a subdivision of the 80,000,000 issued and outstanding Ronin Common Shares (as defined below) on the basis of 1.6 Ronin Common Shares for each Ronin Common Share held on the effective date of the subdivision (the “Subdivision“) resulting in 128,000,000 Ronin Common Shares. Pursuant to the Subdivision, the currently outstanding Ronin stock options exercisable at $0.10 per share for up to 8,000,000 Ronin Common Shares for 24 months will be adjusted on a similar basis and subsequently re-priced prior to closing which will result in there being stock options exercisable for up to 12,800,000 Ronin Common Shares at $0.1125 per share.