Business
DeepMarkit Announces AGM Results and Shareholder Approval for Consolidation and New Control Person
(via TheNewswire) Calgary, Canada - TheNewswire - August 2, 2019 - D...
About this update from Prospect Prediction Markets Inc.
[{"type":"text","content":"DeepMarkit Announces AGM Results and Shareholder Approval for Consolidation and New Control Person(via TheNewswire)\n \n \nCalgary, Canada - TheNewswire - August 2, 2019 - DeepMarkit Corp., (\"DeepMarkit\" or the \"Company\") (TSXV:MKT) is pleased to announce that its shareholders approved (i) the consolidation of its outstanding common shares (\"Common Shares\"), and (ii) Hong Kong Datang Investment Holding Group Co., Limited (\"HK Datang\") as a new \"control person\" of the Company. It is expected that the Company's Common Shares will begin trading on a post-consolidated basis on the TSX Venture Exchange (\"TSXV\") 3-5 days following receipt of TSXV approval.\n\n\n \nAt the annual general and special meeting of shareholders held on August 1, 2019 (the \"Meeting\"), shareholders of the Company approved the consolidation of the Company's Common Shares on the basis of one (1) post-consolidation share for every ten (10) pre-consolidation shares (the \"Consolidation\"), and as well approved HK Datang as a new \"control person\". In addition, shareholders of the Company elected each nominated director, appointed Crowe MacKay LLP, Chartered Accountants as the auditors of the Company, and re-approved the Company's incentive stock option plan.\n\n\n \nAs previously announced, the Company has entered into a strategic investment agreement with HK Datang, an arm's length, private Hong Kong investment company. Under the terms of the Investment Agreement, HK Datang, subject to certain conditions, will acquire 29,527,120 post-consolidation common shares at a price of $0.075 per share (post-consolidation), for total subscription proceeds of $2,214,535 (the \"Transaction\").\n\n\n \nFollowing completion of the Transaction, HK Datang will own approximately 72% of the outstanding post-consolidation common shares and accordingly, will result in a change of control of DeepMarkit. Completion of the Transaction remains subject to certain conditions, including approval of the Consolidation and Transaction by the TSXV. \n\n\n \nThe Company currently has 114,827,733 Common Shares issued and outstanding. Following completion of the Consolidation the Company will have approximately 11,482,773 Common Shares issued and outstanding, before giving effect the Transaction. The Company will not be changing its name in connection with the Consolidation.\n\n\n \...