Business
DeepMarkit Announces LOI to Acquire First Carbon Corp. and Concurrent Private Placement
(TheNewswire) Calgary, Canada – TheNewswire - Novemb...
About this update from Prospect Prediction Markets Inc.
[{"type":"text","content":"DeepMarkit Announces LOI to Acquire First Carbon Corp. and Concurrent Private Placement\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n Calgary, Canada –\n \n \n \n \n TheNewswire -\n \n \n \n \n November\n23, 2021 –\n \n \n \n \n DeepMarkit Corp.\n \n \n \n \n , (\"\n \n \n \n \n DeepMarkit\n \n \n \n \n \"\n \n \n \n \n or the\n\"\n \n \n \n \n Company\n \n \n \n \n \") (\n \n \n \n \n TSXV:MKT\n \n \n \n \n )\n \n \n \n \n (\n \n \n \n \n OTC:MKTDF\n \n \n \n \n )\n \n \n \n \n is\npleased to announce that\n \n \n \n it has entered\ninto a non-binding letter of intent (the \"LOI\") to acquire\nall of the issued and outstanding shares of First Carbon Corp.\n(\"FCC\").  The LOI sets forth the general terms and\nconditions of the Acquisition, pursuant to which shareholders of FCC\nwill receive an aggregate of approximately 15,000,000 common shares of\nDeepMarkit (\"Common Shares\") issued at a deemed price of\n$0.50 per Common Share, for deemed consideration of approximately\n$7,500,000 (the \"Acquisition\").\n \n \n \n \n DeepMarkit also announces a non-brokered private\nplacement (the \"Private Placement\"). Under the Private\nPlacement, which is subject to acceptance by the TSX Venture Exchange\n(the \"Exchange\"), DeepMarkit intends to issue, pursuant to\napplicable exemptions from prospectus requirements of Canadian\nsecurities laws, up to 4,000,000 units (\"Units\") at a price\nof $0.50 per Unit, for gross proceeds of up to $2,000,000.  Each Unit\ncomprises one Common Share and one Common Share purchase warrant\n(each, a \"Warrant\").  Each Warrant will entitle the holder\nto purchase one additional Common Share of DeepMarkit at an exercise\nprice of $1.25 for a period of three (3) years from the date of the\nissuance of the Units.\n \n \n \n \n DeepMarkit may pay a finder's fee of up to 7% cash and\n7% compensation warrants to eligible finders in connection with the\nissue and sale of any or all of the Units under the Private Placement.\n The net proceeds from the Private Placement will be used to fund\ncontinued business and corporate operations of DeepMarkit (for which\nit is estimated that approximately 40% of the net proceeds will be\nallocated), as well as the operations of FCC (for which it is\nestimated that approximated 60% of the net proceeds will be\nallocated). Insiders of t...