The TSX Venture Exchange has accepted for filing documentation pertaining to a share purchase agreement dated Feb. 24, 2025, between the company and several arm's-length parties, whereby the company acquired all interest in Futr Inc., a private technology company that will allow the company to consume and store key customer data in a SOC 2-compliant and encrypted platform.
Under the terms of the agreement, the company acquired the target in exchange for:
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Issuance of 172,949,626 common shares of the company;
- Assumption the target's liabilities of: (i) $1-million owed to its parent, which will be repaid beginning on Aug. 1, 2025, in the amount of $16,667 per month until repaid, without accruing any interest; and (ii) $130,000 promissory note owed to target's parent coming due on July 2, 2026, and accruing interest at 18 per cent a year.
Additionally, Clarus Securities Inc. acted as adviser in connection with the acquisition of the target and was entitled to an advisory fee of $216,250, which was settled by way of issuance of 4,325,000 common shares of the company on closing at a value of five cents per share.
For further details, please refer to the company's news releases dated Aug. 20, 2024, Aug. 29, 2024, Jan. 23, 2025, and Feb. 25, 2025.
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