Blockchain
iMining Signs Letter of Intent to Acquire Bitbit Financial
Vancouver, British Columbia–(Newsfile Corp. – May 26, 2021) – iMining Blockchain and Cryptocurrency Inc. (TSXV: IMIN) (the “Company” or “iMining“) is pleased to announce that it has entered into a Letter of Intent dated May 21st, 2021 (the “LOI”), with BitBit Financial Inc., (“BitBit Financial”), for iMining to acquire all of the issued and outstanding shares of BitBit Financial (the “Acquisition”), in consideration of 10,000,000 shares of iMining.
BitBit Financial, headquartered in Brampton, Ontario, is a FINTRAC-licensed Canadian Bitcoin ATM Network operator, and is developing a digital asset exchange trading platform.
The final structure of the Acquisition is subject to receipt of tax, corporate and securities law advice for both iMining and BitBit Financial.
Terms of the Agreement
Under the terms of the LOI, on or prior to the closing date of the Acquisition or June 22, 2021 (the “Closing Date”), iMining will issue 10,000,000 common shares (the “iMining Shares”) to acquire all of the outstanding shares of BitBit Financial on a one-for-one exchange ratio. There are currently 10,000,000 BitBit Financial shares outstanding.
The holders of any other outstanding convertible, exchangeable or exercisable securities of BitBit Financial shall become entitled to receive iMining Shares upon the conversion, exchange or exercise thereof, based on the same one-for-one exchange ratio.
It is contemplated that the proposed Transaction will constitute an “Expedited Acquisition” by the Company, as such term is defined under TSX Venture Exchange (“TSXV”) Policies.
The parties acknowledge that upon completion of the Acquisition, all of the iMining Shares issued to acquire BitBit Financial will be subject to voluntary escrow provisions whereby the shares will become free-trading as to 25% on closing, and an additional 25% every three months thereafter.
The parties have agreed to undertake commercially reasonable efforts to negotiate and settle the terms of a Definitive Agreement by June 7, 2021 and to close the Acquisition on or before June 22, 2021. The LOI terminates in the event the parties fail to execute a Definitive Agreement by June 7th, 2021, unless extended in writing by both parties.
Conditions for Closing
The Letter Agreement provides that closing of the Acquisition is subject to several conditions including, among other things: (i) requisite corporate approval of the various transactions contemplated by the Acquisition, from the board of directors of iMining and the shareholders of BitBit Financial, as applicable and required; and (ii) BitBit’s nominee as a director of iMining submitting a Personal Information Form to the TSXV for approval.
Business of BitBit Financial
BitBit Financial is a private company which sells digital goods and services. BitBit is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a money service business dealing in virtual currencies with registration number M21068159. BitBit has a virtual currency ATM Network and is working on developing a digital asset exchange trading platform which will provide users the easiest and safest way to buy and sell virtual currencies.
For more information on BitBit Financial please visit https://bitbitfinancial.com/ or email at [email protected].
About iMining Blockchain and Cryptocurrency Inc.
iMining is a growth-oriented, TSXV listed company, focused on linking traditional capital markets with blockchain investment opportunities. Through its wholly-owned subsidiary, the company provides retail and institutional investors a safe and secure way to stake Ethereum 2.0 using proprietary and secure proof of stake methods. We are driven by our core values to operate with transparency, efficiency, and sustainability as we work toward building long-term shareholder value.
ON BEHALF OF THE BOARD
Signed “Robert Eadie“
Robert Eadie, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Contact: Robert Eadie
Telephone: 1-604-602-4935 ♦ Facsimile: 1-604-602-4936
Email: [email protected]
Website: www.imining.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance, including, but not limited to, future business operations of iMining They reflect management’s current expectations and assumptions, and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of iMining’s activities, future cryptocurrency prices, operating risks, and other risks in the cryptocurrency industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
Blockchain
UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System
The United Nations International Computing Center (UNICC) and ShelterZoom are pleased to announce a new innovative blockchain-based solution for controlling and protecting the digital data of UN entities and other international organizations. As the largest strategic partner for digital solutions and cybersecurity within the UN system, UNICC has partnered with ShelterZoom, a leading data and content protection and ownership SaaS company behind innovations such as Document Token® technology and Document GPS®.
Building upon the 50 years of experienced innovation from the UNICC, the two organizations collaborated on a transformational undertaking offering robust protection and promising increased productivity for document tracking and management. ShelterZoom will contribute its proprietary document tokenization technology, along with its data protection, document tracking and e-signature solutions to deliver a white-labeled platform, giving member organizations a greater level of governance over their content. Using ShelterZoom’s flagship proprietary Single Source Of Truth® technology, the solution provides a means for each file to be protected individually without changing user normal habits instead of having to rely solely on protecting files at the database level. This ‘singularity and control’ is a new era in cybersecurity and document management, which has never been seen before at this level of seamless integration with existing tools.
“The synergy between what we deliver and the goals of the United Nations are a perfect match for Single Source Of Truth,” said Chao Cheng-Shorland, CEO and Cofounder of ShelterZoom. “We have said from the beginning that it is time to think about cybersecurity in a completely new way and in doing so we have created a solution to address other operational pain points while simultaneously solving one of the biggest challenges facing the global population today. The UN is at the frontlines of changing the world for the better and its forward-thinking approach to using technology to address fundamental issues is critical in improving livelihoods for all.”
ShelterZoom solutions have already been in use across dozens of industries and with this new commercial partnership, they can now extend their usefulness to the UN family and other international organizations. The revolutionary method for complete document tracking with built-in productivity tools, such as digital signatures and a market-first method for organizing files inside email, is an all-in-one solution built for a global workforce. The Single Source of Truth model has the added benefit of decreasing the carbon footprint created by excessive digital waste, further supporting the sustainability goals of the United Nations.
“The need for robust cybersecurity and data protection has never been greater,” said Sameer Chauhan, Director of UNICC. “By working together with ShelterZoom, we have developed a cutting-edge tool tailored to the needs of the UN family. Our unwavering commitment to providing best-in-class solutions ensures we continue to support the digital transformation and modernization of the UN system and other international organizations.”
The post UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System appeared first on News, Events, Advertising Options.
Bybit
-
Blockchain5 days ago
50,000+ Mined Coins and 100,000 New Users: EMCD Summarizes 2024
-
Blockchain5 days agoBlocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
-
Blockchain Press Releases4 days agoBybit P2P Unlocks 20,000 USDT Prize Pools for Select Users in South Asia and Africa
-
Blockchain7 days agoBuilding Bridges in Crypto: Bybit Sparked Dialogues and Joined Industry Leaders at Bitcoin MENA
-
Blockchain Press Releases5 days agoFlipster Achieves ISO/IEC Certification
-
Blockchain Press Releases6 days agoDubai Police Team Triumphs at KuCoin Sponsored 2024 Dubai Open Gov Padel Cup
-
Blockchain7 days ago
Blocks & Headlines: Today in Blockchain (Ethereum, Krown Technologies, Quantum Emotion, Golfin)
-
Blockchain6 days agoBureau raises $30M Series B as global fraud losses hit $486B
