alexgreat replied the topic: News events about Stompy
News just out
Stompy Bot Announces Blockchain Acquisition
Saint John, New Brunswick--(Newsfile Corp. - November 2, 2017) - Stompy Bot Corporation (CSE: BOT) ("Stompy Bot" or the "Company") is pleased to announce today that is has signed a non-binding term sheet to acquire (the "Acquisition") all of the issued and outstanding securities of Token Play Inc. ("Token"), a private Ontario corporation headquartered in Toronto, for $2.4 million in an all stock deal to be satisfied by the issuance of 48 million common shares (each, a "Common Share") of Stompy Bot at an issuance price of $0.05 per share. Following completion of the Acquisition, Token will become a wholly-owned subsidiary of Stompy Bot. Token is a technology company involved in the development of blockchain technology in the video game space which will seek to provide a platform for the exchange of in-game currencies and tokens. Token does not currently have any revenue.
Upon completion of the Acquisition, it is anticipated that a number of the current management of Stompy Bot will be transferred to Stompy Bot's subsidiary, Stompy Bot Productions Inc., to continue the development of Stompy Bot's video games, while Token's development team will remain with Token (upon closing, a subsidiary of Stompy Bot) to continue to develop Token's video game blockchain technology. Upon closing certain officers and directors will be appointed to Stompy, and biographies of these individuals will be disclosed at the time of their appointment. Additional disclosure concerning the Acquisition will be disclosed as it becomes available, which the Company anticipates will occur upon the signing of a definitive acquisition agreement within the next few weeks.
In connection with the Acquisition, Stompy Bot is proposing to complete a non-brokered private placement of up to 40 million units of the Company ("Units") at a price of $0.05 per Unit for gross proceeds of up to $2 million (the "Offering"). Each Unit will be comprised of one Common Share and one Common Share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share for a period of two (2) years from the closing of the Offering at a price of $0.10 per Common Share.
Upon completion of the transactions, Stompy Bot will retain Bridgemark Advisors Ltd. for corporate finance and management services for a twelve month term pursuant to a consulting contract to be entered into concurrent with the closing of the Offering.
Closing of the Acquisition and the Offering is subject to certain conditions including, but not limited to, the execution of definitive agreements, due diligence, and the receipt of all necessary approvals including the approval of the Canadian Securities Exchange. All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.
The proceeds of the Offering will be used to develop and commercialize the business of Token and Stompy Bot Productions Inc., and for general working capital purposes of Stompy Bot
Was hoping super sleuth, Ron S ,could get some info, just no news. Somebody seems to know something. Bought this one cheap, based on a game was imminent, and that didn’t happen, so not sure what’s up now.