Netcoins Enters Share Purchase Agreement with BIG Blockchain Intelligence Group
Netcoins Holdings (CSE:NETC) a software company focused on the cryptocurrency market announced that BIG Blockchain Intelligence Group has agreed to pay C$3 million in 37.5 million BIG shares at C$0.08 in a share purchase agreement to acquire Netcoins’ subsidiaries. An estimated C$570,000 in working capital is included as part of the deal. As quoted in the … Continued
Netcoins Holdings (CSE:NETC) a software company focused on the cryptocurrency market announced that BIG Blockchain Intelligence Group has agreed to pay C$3 million in 37.5 million BIG shares at C$0.08 in a share purchase agreement to acquire Netcoins’ subsidiaries. An estimated C$570,000 in working capital is included as part of the deal.
As quoted in the press release:
The total purchase of the Netcoins Subsidiaries to be paid by BIG is valued at approximately $3 million payable by the issuance of 37.5 million BIG shares at a deemed price of $0.08 per share (“Payment Share”). In connection with the Transaction, BIG will be purchasing all of the issued and outstanding common shares of the Netcoins Subsidiaries. The Netcoins Subsidiaries will include a target net working capital of approximately $750,000. Subject to approval by shareholders and the Canadian Securities Exchange (the “CSE”), the Company intends to distribute the Payment Shares by way of a special dividend or distribution out of earnings or surplus. In connection with the Transaction, it is intended that certain principal management and employees of the Netcoins Subsidiaries will continue with BIG. Further, Mark Binns will resign from the Company upon closing, and will join BIG Blockchain Intelligence Group.
Transaction is expected to be completed on or about July 8, 2019 (the “Closing Date”). Completion of the Transaction remains subject to certain closing conditions and obtaining all necessary approvals, including the approval of the CSE and the approval of shareholders of the Company and other conditions which are customary for transactions of this nature.
