EquineX North America entered into a letter of intent to acquire Victory Capital Corp. (TSXV:VIC.P) in a reverse merger transaction on June 18, 2019. Under the terms of the Proposed Transaction, Victory will acquire all of the outstanding Equinex NA Shares in exchange for Victory Shares at an exchange ratio to be determined. For the purposes of the Proposed Transaction, Victory will be valued at CAD 0.45 per share, based on 5.088750 million Victory Shares being issued and outstanding upon the completion of the Proposed Transaction, and EquineX NA will be valued at $30 million (CAD 39.626,2 million) on a pre-financing basis. In connection with the Proposed Transaction, EquineX NA intends to complete a private placement financing of subscription receipts for aggregate gross proceeds of not less than $2.5 million (CAD 3.302180 million). Trading in the common shares of Victory has been halted. It is unlikely that the Victory Shares will resume trading until the Proposed Transaction is completed. Completion of the Proposed Transaction is subject to a number of conditions including, but not limited to: completion of satisfactory due diligence; completion of the Financing resulting in sufficient gross proceeds such that the Resulting Issuer shall satisfy the working capital requirements of the TSXV; execution of a definitive agreement in respect of the Proposed Transaction, which the parties intend to enter on or before July 31, 2019; receipt of regulatory approvals; acceptance of the Proposed Transaction as Victory's Qualifying Transaction by the TSXV; receipt of approval for the listing of the common shares of the Resulting Issuer; shareholders of EquineX approving the Proposed Transaction and such other matters necessary to complete the Proposed Transaction; shareholders of Victory approving certain matters ancillary to the Proposed Transaction subject to the completion of the Proposed Transaction. EquineX North America cancelled the acquisition of Victory Capital Corp. (TSXV:VIC.P) in a reverse merger transaction on December 6, 2019. Since the qualifying transaction could not be completed prior to the effective date, the transaction was terminated.