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
(via TheNewswire) Vancouver, BC / TheNewswire / January 24 , 2019 / Manado Go...
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 Unit(via TheNewswire)\n \n \nVancouver, BC / TheNewswire / January 24, 2019 / Manado Gold Corp. (\"Manado\") (TSX-V: MDO) announced today that it has entered into an arrangement agreement dated January 14, 2019, (the \"Agreement\") with InsuraGuest, Inc., a Utah based software as a service company (\"InsuraGuest\"). 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. \n\n \n \nThe transaction is at arm's length and no existing Manado director, officer or insider holds any interest in InsuraGuest. \n\n \n \nUnder the proposed terms of the Agreement: \n\n \n \n\n\n1.Manado will consolidate its issued and outstanding shares on a one (1) for two (2) basis (rollback); \n\n\n\n \n \n\n\n2.Shareholders of InsuraGuest will receive post consolidated shares of Manado on a ratio of 1.12 for every InsuraGuest share held; \n\n\n\n \n \n\n\n3.Shareholders of InsuraGuest shall receive Manado Series A Warrants on a ratio of 0.11 for each InsuraGuest share held, each whole 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; \n\n\n\n \n \n\n\n4.Shareholders of InsuraGuest shall receive Manado Series B Warrants on a ratio of 0.32 for each InsuraGuest share held, each whole warrant will be exercisable to purchase an additional common share of Manado at $0.20 CDN per share, exercisable until five (5) years from closing of the Agreement subject to the total revenue of InsuraGuest exceeding $5,000,000 CDN within five (5) years from the closing of the Agreement; \n\n\n\n \n \n\n\n5.Shareholders of InsuraGuest shall receive Manado Series C Warrants on a ratio of 0.37 for each InsuraGuest share ...