CannaOne Technologies Inc. completed the acquisition of 51% stake in Payright Pte Ltd from Hampton Enterprises, Inc, Global Natural Resource Investments, Right Choice Capital Ptd. Ltd., Domicile 6330 GmbH, Christopher Aldaba, Daniel Eigenmann and Heramben Vencatapillay for CAD 1.6 million.
April 07, 2021
Share
CannaOne Technologies Inc. (CNSX:CNNA) entered into a memorandum of understanding to acquire a 51% stake in Payright Pte Ltd from Hampton Enterprises, Inc, Global Natural Resource Investments, Right Choice Capital Ptd. Ltd., Domicile 6330 GmbH, Christopher Aldaba, Daniel Eigenmann and Heramben Vencatapillay for CAD 1.1 million on March 4, 2021. CannaOne Technologies Inc. signed a definitive share purchase agreement to acquire a 51% stake in Payright Pte Ltd on March 31, 2021. Under the terms, CannaOne Technologies Inc. will pay CAD 1.1 million worth shares on closing. The shares issued are subject to the following release and pooling restrictions: 50% issued on closing; 15% after 90 days; 15% after 180 days; 10% after 270 days; and 10% after 1 year. The transaction is subject to approval by regulatory board/committee, approval of offer by acquirer shareholders, approval of offer by target shareholders, definitive agreement and certain customary closing conditions. The deal is expected to be completed by April 9, 2021. As of April 7, 2021, the transaction is expected to be completed by April 15, 2021. The acquisition will not constitute a fundamental change for the Company and will not result in a change of control of the CannaOne Technologies. Cassels Brock & Blackwell LLP acted as a legal adviser to CannaOne Technologies.
CannaOne Technologies Inc. (CNSX:CNNA) completed the acquisition of 51% stake in Payright Pte Ltd from Hampton Enterprises, Inc, Global Natural Resource Investments, Right Choice Capital Ptd. Ltd., Domicile 6330 GmbH, Christopher Aldaba, Daniel Eigenmann and Heramben Vencatapillay for CAD 1.6 million on April 8, 2021. CannaOne Technologies Inc. issued an aggregate of 1,530,000 common shares to the current shareholders of Payright, in exchange for 6,480 common shares of Payright. The consideration shares are subject to voluntary pooling restrictions on resale in the following aggregate amounts until the following dates: (a) 50% of the consideration shares are subject to restrictions on resale until August 8, 2021; (b) an additional 15% of the consideration shares are subject to restrictions on resale until July 6, 2021; (c) an additional 15% of the consideration shares are subject to restrictions on resale until October 4, 2021; (d) an additional 10% of the consideration shares are subject to restrictions on resale until December 3, 2021; and (e) the remaining 10% of the consideration shares are subject to restriction on resale until April 7, 2022. 100% of the consideration shares are also subject to a statutory hold period expiring August 8, 2021. Consideration Shares are subject to restriction on resale until April 7, 2022. 100% of the consideration shares are also subject to a statutory hold period expiring August 8, 2021. Transaction has been approved by Payright Pte Ltd. board.
Lynx Global Digital Finance Corporation is a Canada- based financial technology, solutions, and services provider for merchants, financial institutions and other business-to business (B2B) industry partners by way of integration to the Lynx digital payment platform. It offers a digital payment platform with a full suite of payment solutions, which include merchant acquiring solutions; card issuing; remittance and forex; and custodial digital asset services, including digital wallet services. Its card issuance solutions are designed to allow businesses to deploy a variety of cards to consumers which are used to facilitate any number of transaction types or client relationships. Its money transfer solution allows any currency to be sent anywhere and received in any form. Its merchant acquiring solutions allow merchants to accept a range of payment types. It also offers a range of different currencies available and multiple exchange options for its customers.
CannaOne Technologies Inc. completed the acquisition of 51% stake in Payright Pte Ltd from Hampton Enterprises, Inc, Global Natural Resource Investments, Right Choice Capital Ptd. Ltd., Domicile 6330 GmbH, Christopher Aldaba, Daniel Eigenmann and Heramben Vencatapillay for CAD 1.6 million.