Life Clips, Inc. (OTCPK:LCLP) entered into an agreement to acquire Belfrics Malaysia Sdn Bhd on July 7, 2021. Under the terms of the transaction, Life Clips will issue LCLP Series C preferred shares and up to an additional $15 million of Series C preferred stock upon obtaining the milestones. The final number of shares issuable upon closing is subject to adjustment prior to closing.

All shares issuable pursuant to the acquisition will be restricted securities subject to statutory resale restrictions. Life Clips will use $10 million as equity investment. Belfrics Chief Executive Officer and Founder, Praveen Kumar, will remain the Chief Executive Officer of Belfrics, while Robert Grinberg will serve as Chief Executive Officer of Life Clips.

The Belfrics Group acquisition is expected to close in the second quarter. The transaction is expected to close on or before July 30, 2021. Jonathan D Leinwand P A acted as a legal advisor to Life Clips.