Business
Manado Announces an Arrangement Agreement Entered for the Acquisition of InsuraGuest, Inc. by Way of an Issuance of 21,080,991 Shares and Performance Warrants Following a One for Two Share Consolidation and a Proposed Private Placement of up to 10,000,000 Post Consolidated Units at a Price of $0.20 per Unit
Vancouver, British Columbia--(Newsfile Corp. - July 18, 2019) - Manado Gold Corp. (TSXV: MDO...
About this update from Insuraguest Technologies Inc
[{"type":"text","content":"Manado Announces an Arrangement Agreement Entered for the Acquisition of InsuraGuest, Inc. by Way of an Issuance of 21,080,991 Shares and Performance Warrants Following a One for Two Share Consolidation and a Proposed Private Placement of up to 10,000,000 Post Consolidated Units at a Price of $0.20 per UnitVancouver, British Columbia--(Newsfile Corp. - July 18, 2019) - Manado Gold Corp. (TSXV: MDO) (\"Manado\") is issuing this comprehensive news release today to update and expand on its news release of January 24, 2019 regarding its arrangement agreement dated January 14, 2019, (the \"Agreement\") with InsuraGuest, Inc., a Utah software as a service (SaaS) company (\"InsuraGuest\") and to update recent developments in InsuraGuest's business. Under the terms of the Agreement, a wholly owned subsidiary of Manado will acquire 100% of InsuraGuest's issued and outstanding common shares. The transaction will constitute a change of business for Manado with Manado transitioning from the Mining Sector to the Technology Sector. The transaction is an arm's length transaction and no non-arm's length party of Manado holds any interest in InsuraGuest or its assets. No non-arm's length party of Manado is an insider of InsuraGuest and there is no relationship between non-arm's length parties of Manado and non- arm's length parties of InsuraGuest. Under the proposed terms of the Agreement: Manado will consolidate its issued and outstanding shares on a one (1) for two (2) basis (rollback) (Manado also intends to change its name at the same time, to InsuraGuest Technologies Inc.); Shareholders of InsuraGuest will receive post consolidated shares of Manado on a ratio of 1.12 for every InsuraGuest share held; Shareholders of InsuraGuest shall receive 2,068,255 Manado Series A Warrants on a ratio of 0.11 for each InsuraGuest share held, each warrant will be exercisable to purchase an additional common share of Manado at $0.20 CDN per share, exercisable until two (2) years from closing of the Agreement and subject to the total revenue of InsuraGuest exceeding $1,000,000 CDN within two (2) years from the closing of the Agreement; Shareholders of InsuraGuest shall receive 6,016,741 Manado Series B Warrants on a ratio of 0.32 for each InsuraGuest share held, each warrant will be exercisable to purchase an additional common share of Manado at $0.20 C...