Marquis Ventures announced today that the company has closed its previously announced qualifying transaction with PowerBand Solutions, and “will resume trading on the Exchange under the symbol “PBX” upon final Exchange acceptance of Qualifying Transaction, or shortly thereafter.”
As quoted in the press release by Marquis Ventures Inc.:
The Exchange provided amended conditional approval for PowerBand to be acquired by Marquis (the “Transaction”) on January 15, 2018. The Qualifying Transaction resulted in the reverse takeover of Marquis by the securityholders of PowerBand, who now own the majority of the common shares of Marquis (“Common Shares”) and have taken over management and control of the Company. Pursuant to the Qualifying Transaction, a wholly-owned subsidiary of the Company amalgamated with PowerBand and the Company issued 96,830,592 Common Shares and 8,831,963 Common Share purchase warrants (“New Warrants”) to the securityholders of PowerBand. All other outstanding securities of PowerBand (including the Broker Warrants and other securities issued pursuant to the Offering) have been exchanged for securities of the Company having the same terms and conditions as were applicable to such PowerBand securities. The Company also issued 1,600,000 Common Shares to certain finders in connection with the closing of the Qualifying Transaction.
Click here to read the full press release.