Business
Exalt Capital Corp. Signs Letter of Intent for Proposed Qualifying Transaction
(via TheNewswire) Vancouver, BC / TheNewswire / December 7, 2017 - Exalt Capital Corp. (...
About this update from Astron Connect, Inc.
[{"type":"text","content":"Exalt Capital Corp. Signs Letter of Intent for Proposed Qualifying Transaction(via TheNewswire)\n\n \nVancouver, BC / TheNewswire / December 7, 2017 - Exalt Capital Corp. (\"Exalt\"), a capital pool company pursuant to Policy 2.4 (the \"Policy\") of the TSX Venture Exchange (the \"TSXV\"), is pleased to announce that it has entered into a letter of intent (the \"LOI\") dated December 6, 2017 with Sachiel Connect Inc. (\"Sachiel Connect\"). The LOI contemplates that Exalt will complete a business combination with Sachiel Connect (the \"Transaction\") whereby Exalt will acquire all of the issued and outstanding securities of Sachiel Connect from its 23 shareholders. The proposed Transaction is intended to constitute the \"qualifying transaction\" (as such term is defined in the Policy) of Exalt. On closing (the \"Closing\") of the Transaction, the resulting issuer (the \"Resulting Issuer\") will be listed as a Tier 2 \"Industrial\" issuer on the TSXV. \n\n \n \nTransaction Summary\n\n\n \nPursuant to the LOI, the Transaction will be effected by Exalt issuing 29,100,000 common shares to the shareholders of Sachiel Connect, at a deemed price of $0.22 per share for an aggregate purchase price of $6,402,000, in consideration for Exalt's acquisition of all of the issued and outstanding securities of Sachiel Connect, which will result in Sachiel Connect becoming a wholly-owned subsidiary of the Resulting Issuer. \n\n \n \nExalt intends to complete a non-brokered private placement (the \"Concurrent Offering\") which will close concurrently with the Closing of the Transaction, pursuant to which Exalt intends to issue an aggregate of approximately 11,363,636 common shares at a price of $0.22 per share to arm's length subscribers for gross proceeds of $2,500,000. The proceeds of the Concurrent Offering will be used for working capital and general corporate purposes of the Resulting Issuer. \n\n \n \nUpon Closing of the Transaction and subject to acceptance of the Exchange, a finder's fee is payable to 1143833 B.C. Ltd., a private company incorporated in British Columbia and at arm's length to Exalt and Sachiel Connect. The finder's fee will be paid by the issuance of 2,000,000 common shares (the \"Finder's Shares\") of the Resulting Issuer at the deemed price of $0.22 per share for an aggregate value of $440,000.\n\n \n \nThe proposed Trans...