Business
DeepMarkit Announces Revised Private Placement Terms and Closing Schedule
(via TheNewswire) Calgary, Canada - TheNewswire - August 22, 2019 - ...
About this update from Prospect Prediction Markets Inc.
[{"type":"text","content":"DeepMarkit Announces Revised Private Placement Terms and Closing Schedule(via TheNewswire)\n \n \nCalgary, Canada - TheNewswire - August 22, 2019 - DeepMarkit Corp., (\"DeepMarkit\" or the \"Company\") (TSXV:MKT) announces changes to its proposed private placement with HK Datang Investment Holding Group Co. Limited (\"HK Datang\").\n\n\n \nAs previously announced (June 24, 2019), the Company has entered into a strategic investment agreement dated June 22, 2019 with HK Datang, an arm's length, private Hong Kong investment company (the \"Investment Agreement\"). Under the terms of the Investment Agreement, HK Datang, subject to certain conditions, was to 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\"). HK Datang and the Company have entered into an agreement dated August 21, 2019 to amend the terms of the Investment Agreement to provide for a private placement of Units consisting of common shares and common share purchase warrants (the \"Units\"). Under the terms of the amended Investment Agreement, and subject to TSXV approval, HK Datang will purchase 17,333,333 Units at a price of $.075 (CAD) per Unit for a total purchase price of $1,300,000 (CAD). Each Unit will consist of one common share and 0.7034 of a warrant to purchase a common share at an exercise price of $0.10 (CAD) per share. The warrants will have a one-year term. The aggregate number of common shares which may be acquired by HK Datang (including common shares acquired upon the exercise of all warrants) is 29,527,120, the same amount as contemplated in the original Investment Agreement. Total consideration for the aggregate share purchase (including the exercise of warrants) is $2,519,379 (CAD), an increase of $304,845 (CAD) from the original Investment Agreement. The amendment agreement provides for HK Datang to deliver to the Company a non-refundable $100,000 (CAD) deposit in respect of the private placement. The private placement is scheduled to close on or before September 30, 2019. All other terms of the original Investment Agreement remain unchanged.\n\n\n \nAs previously announced (August 2, 2019) at the annual general and special meeting of shareholders held on August 1, 2019, shareholders of the Company approved the consolidation of th...