Calgary, Alberta--(Newsfile Corp. - February 6, 2022) - MAACKK Capital Corp. ("MAACKK") and Algonaut Capital Corporation ("Algonaut") are pleased to announce the signing of a term sheet (the "Term Sheet") for a business combination between the two companies that will result in a reverse take-over of MAACKK by Algonaut and the listing for trading of the shares of the resulting issuer on a recognized public stock exchange in Canada (the "Transaction"). The resulting issuer plans to change its name to Algonaut Capital Corp. The Term Sheet is subject to negotiation and completion of formal documentation, approved by boards of both companies and approval of the transaction by the shareholders of MAACKK. At closing of the Transaction the board of directors and current officers of Algonaut would become the board of directors and officers of combined company, with the board of directors and officers of MAACKK resigning their positions.
Algonaut
Algonaut, a private Alberta corporation, provides shareholders with exposure to the Algorand blockchain, cryptocurrency and ecosystem by founding, developing, and acquiring assets based on its superior technical merits. The Algorand cryptocurrency is designed to be a superior functional cryptocurrency protocol which allows for faster transaction confirmation, no scaling issues, more transactions per second, lower fees than other cryptocurrencies and standard electronic payment systems.
Algonaut has closed the arm's length purchase of 100% of Algodev, Inc. ("Algodev"), a company which owns the Algodex marketplace. Algodex is a unique software that involves a decentralized approach, using limit orders, to allow parties to connect peer to peer with the evolving adaptation of blockchain worldwide. Algonaut is expected to earn income by charging fees for facilitating exchanges executed by users on the Algodex marketplace.
The Algodex decentralized marketplace has been beta tested for the last six months and has recently successfully completed a security audit by Runtime Verification Inc. The Algodex marketplace has over 30,000 unique users that have executed approximately 500,0000 transactions with other users and over 2,000,000 Algos have been traded on the testnet platform. The Algodex marketplace is scheduled to launch on Mainnet in the coming weeks.
The founder of Algodev and creator of Algodex, Alex Trefonas, has joined Algonaut as Chief Technology Officer.
The Transaction
MAACKK and Algonaut have executed a term sheet for a business combination between the two companies that will result in a reverse take-over of MAACKK by Algonaut and the listing for trading of the shares of the resulting issuer on a recognized public stock exchange in Canada. The Term Sheet will be followed by the negotiation of definitive documentation, including a definitive merger, amalgamation or share exchange agreement among the parties. All definitive documentation shall be in form and content satisfactory to MAACKK, Algonaut and their respective boards of directors and counsel.
The details of the Transaction contemplate that MAACKK will consolidate its shares such that a maximum of 4.0 million shares are issued and outstanding prior to issuing 1 consolidated common share for each outstanding share of Algonaut. As of the date hereof, Algonaut has 72.7 million common shares issued and outstanding prior to the planned $1,250,000 financing and 2.6 million securities exercisable or exchangeable for, or convertible into, or other rights to acquire, Algonaut common share. Algonaut shall have no assets and liabilities at the closing of the Transaction, other than a $50,000 loan that Algonaut will provide to MAACKK at the signing of a definitive agreement which shall be used by MAACKK for working capital purposes.
The Transaction is expected to close on or before May 31, 2022.
The Resulting Issuer
On the completion of the Transaction, the board of directors of the Resulting Issuer shall consist of Algonaut's officers and directors and existing MAACKK officers and directors shall resign. At Completion of the transaction, Algonaut will have a total of 81.7 million common shares outstanding, which would include the current 72.7 million shares of Algonaut, the 5 million shares to be issued by Algonaut before in a non brokered private placement and the 4 million shares which would be held by the current shareholders of MAACKK.
MAACKK and Algonaut shall file listing documents with a recognized public stock exchange in Canada to list the shares of the Resulting Issuer for public trading.
MAACKK Director changes
Mr. Arthur Kwan has resigned as a director of MAACKK effective February 3, 2022. Mr. Michael Yeung has been appointed as an independent director of MAACKK effective February 3, 2022.
About MAACKK Capital Corp.
MAACKK is an investment company with a focus on the acquisition of income producing businesses.
Information related to Algonaut and Algodev were provided by Algonaut and have not been independently verified by MAACKK.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Peter Cheung, Chief Executive Officer and Chief Financial Officer MAACKK Capital Corp.
Email: peter.cheung@spotlightinvestments.com
NO SECURITIES EXCHANGE NOR REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/112957
"corp" - Google News
February 07, 2022 at 09:03AM
https://ift.tt/rw7IYJc
MAACKK Capital Corp. and Algonaut Capital Corporation Enter Into Term Sheet to Combine and Become Listed Issuer - Yahoo Finance
"corp" - Google News
https://ift.tt/lNB8JCK
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
Bagikan Berita Ini
0 Response to "MAACKK Capital Corp. and Algonaut Capital Corporation Enter Into Term Sheet to Combine and Become Listed Issuer - Yahoo Finance"
Post a Comment