Loc8 Corp. entered into a letter of intent to acquire Hope Well Capital Corp. (TSXV:HOPE.P) in a reverse merger transaction on February 6, 2020. Hope Well Capital's will consolidate outstanding shares on the basis of 1.20 pre-consolidation common shares for one post-consolidation common share. Under the terms of the transaction, each of the common shares of Loc8 Corp., including those common shares issued pursuant to the concurrent financing, will be exchanged for one post-consolidation common share of the resulting issuer. All outstanding convertible securities of Loc8 will be replaced by convertible securities of the resulting issuer on a post-consolidation basis. Upon completion of the transaction and the minimum concurrent financing, the fully-diluted common shares of the resulting issuer shall be held 83.4% by the shareholders of Loc8 Corp. while existing shareholders of Hope Well Capital Corp. will hold 7.8% stake. Concurrently with the transaction, Loc8 Corp. shall arrange for a brokered private placement financing (concurrent financing) of a minimum of CAD 2 million and a maximum of CAD 3 million. The resulting issuer will be named "Deepspatial AI Corp.”. The transaction is subject to the receipt of all regulatory approvals with respect to the transaction and listing of the shares of resulting issuer on the TSX Venture Exchange, all third party consents necessary to complete the transaction having been obtained, completion of concurrent financing, satisfactory completion of due diligence and execution of a definitive agreement. The transaction is also subject Hope Well Capital's consolidation of outstanding shares.

Loc8 Corp. cancelled the acquisition of Hope Well Capital Corp. (TSXV:HOPE.P) in a reverse merger transaction on June 17, 2020. The termination of the transaction is due to delay of the completion of the audit of Loc8's financial statements. Loc8's operation is based in India which is affected by the COVID 19 pandemic, and as a result there is significant uncertainty on when the Loc8 audit can be completed in the near future.