Business
AIML Acquires Majority Ownership of Digital Healthcare Company
(via TheNewswire) Toronto , ON - TheNewswire - August 1 9 , 2020, AIML Resour...
About this update from Aiml Innovations Inc
[{"type":"text","content":"AIML Acquires Majority Ownership of Digital Healthcare Company(via TheNewswire)\n \n \nToronto, ON - TheNewswire - August 19, 2020, AIML Resources, Inc. (TSXV:AIML); (OTC:FIRZF) Frankfurt-42FA)(\"AIML\" or the \"Company\") has entered into a binding letter of intent (\"LOI\") with an arms-length private technology company operating in the digital health care space. Pursuant to the LOI, the Company, subject to entering into a definitive agreement and the satisfaction of other customary conditions for a transaction of this type, has agreed to combine with the private company by way of share purchase or share exchange or other form of business combination, acquiring 70% of the shares of the private company and issuing 3,000,000 AIML common shares at $0.25 each and 7,000,000 Performance Warrants,(each of which is exchangeable for no further consideration into one AIML common share, upon the attainment of certain sales perfomance).\n\n\n \nThe final structure of the transaction will be determined by the parties following the receipt of tax, corporate and securities law advice. \n\n\n \nUpon completion of the transaction, it is anticipated that shareholders of the private company (including participants in the Offering) would hold approximately 32 per cent of the resulting issuer's outstanding shares, and existing shareholders of AIML would hold approximately 68 per cent of the resulting issuer's outstanding shares, both on a non-diluted basis. The Offiering is to be comprised of up to 4,000,000 units at $0.25 per Unit for gross proceeds of up to $1,000,000. Finders fees in accordance with Exchange policies may be paid in connection with the Offering. Each Unit will be comprised of one common share and a half warrant. Terms of the warrant remain subject to negotiation.\n\n\n \nThis is an initial press release. The Company plans to issue a further press release once it has entered into the transaction agreement to provide the information prescribed by applicable exchange policies including, among other things, selected financial information respecting the private company and the transaction.\n\n\n \nCompletion of the transaction is subject to a number of conditions, including, but not limited to, exchange and shareholder acceptance. There can be no assurance that the transaction will be completed as proposed or at all.\n\n\n \nInvestor...