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Globalive Technology Provides Update on Previously Announced Exercise of Call Right to Acquire Control of Flexiti, Participates Directly and Indirectly in a Pre-Emptive Rights Offering of Flexiti
Globalive Technology Provides Update on Previously Announced Exercise of Call Right to Acq...
About this update from Live Energy Minerals Corp
[{"type":"text","content":"\n\n\n\nGlobalive Technology Provides Update on Previously Announced Exercise of Call Right to Acquire Control of Flexiti, Participates Directly and Indirectly in a Pre-Emptive Rights Offering of Flexiti\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Feb. 20, 2019\n\n\n\nTORONTO, Feb. 20, 2019 /CNW/ - Globalive Technology Inc. (TSX-V: LIVE) (the \"Company\"), a technology company focused on developing innovative payment, billing and credit solutions for consumers and businesses, today provided an update on its previously-disclosed call right, from Globalive Capital Inc. (\"GC\"), over GC's wholly-owned subsidiary, 2629331 Ontario Inc. (\"262\"). 262 is the controlling shareholder of FLX Holding Corp. (\"FLX\"), the parent company of Flexiti Financial Inc. (\"Flexiti\"). Flexiti is a leading fintech point-of-sale lender in Canada with over 1 million customers and more than $250 million in loan receivables.\nIn a press release dated January 9, 2019, the Company announced that it is exercising a call right to acquire 100% of, and amalgamate with, 262 (the \"Transaction\"). Consummation of the Transaction is subject to certain conditions, including approval of the TSX Venture Exchange (\"TSX-V\"), minority shareholder approval in accordance with Multilateral Instrument 61-101, and the Company or Flexiti successfully raising adequate equity financing. \nThe Company is focusing on such financing, and on preparing the required financial statements and other disclosure that is required to be submitted to the TSX-V and included in the management information circular that will be mailed to its shareholders.  The Company will provide further updates on its progress in the coming weeks, as appropriate.  \nWhile work continues, the Company has taken certain steps to preserve the value of the Transaction going forward. FLX is completing a rights offering for Series 2 Class B Preferred Shares, which were offered to existing shareholders under a pre-emptive right in its unanimous shareholders agreement (\"Flexiti Rights Offering\"). These...