Business
SoLVBL Solutions Inc. Announces Closing of Its Acquisition of Darkhorse Films Limited
SoLVBL Solutions Inc. Announces Closing of Its Acquisition of Darkhorse Films Limited.
About this update from Solvbl Solutions Inc.
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - October 26, 2022) - SoLVBL Solutions Inc. (CSE: SOLV) (OTCQB: SOLBF) (\"SoLVBL\" or the \"Company\"), an innovative cybersecurity company that provides immutable data authentication using advanced cryptography on a SaaS based model, is pleased to announce the closing (the \"Closing\") of the previously announced share purchase agreement (\"SPA\") in connection with the acquisition of Darkhorse Films Limited (\"Darkhorse\"). Darkhorse is a United Kingdom registered blockchain powered digital entertainment & e-commerce business.Pursuant to the terms of the SPA, the Company has acquired all the issued and outstanding shares of Darkhorse, in an arm's-length transaction. On Closing, the vendors of Darkhorse will hold 115,384,615 SoLVBL common shares. Darkhorse will continue to operate under the existing Darkhorse Films brand, and ensure the quality and continuity of service that it has delivered to date.The total purchase price is $10,150,000 million (Ten Million One Hundred & Fifty Thousand Dollars). $150,000 of the total purchase price will be paid upon the Company raising at least $500,000 in a private placement, and 25% of the balance of the purchase price will be settled in cash (the \"Cash Balance\") and 75% in restricted shares of SoLVBL. The Cash Balance will be payable in tranches and only once certain operational and financing milestones have been met, which include the Company completing an aggregate financing of $10 million within 24 months of the closing of the Transaction.The Cash Balance is payable as follows: $1 million payable to the vendors of Darkhorse, if the Company raises at least $4 million in private placement financing within 12 months from the Closing, and an additional $1.5 million is payable if the Company raises an additional $6 million of private placement financing within 24 months of Closing. No finder's fees are payable in connection with this acquisition of Darkhorse. All shares issued to Darkhorse shareholders in connection with the transaction are subject to an escrow of a minimum of one (1) year and are subject to voting trust agreements typical for these types of transactions. The escrow conditions for the shares will include their release based on the Company meeting certain financing milestones. The post transaction consolidated statements of SoLVBL a...