Business
Verisante Announces Signing of Definitive Agreement for RTO with Myanmar based SIM Co. Ltd.
Vancouver, British Columbia--(Newsfile Corp. - July 9, 2018) - Verisante Technology, Inc. ...
About this update from Verisante Technology, Inc.
[{"type":"text","content":"Verisante Announces Signing of Definitive Agreement for RTO with Myanmar based SIM Co. Ltd.Vancouver, British Columbia--(Newsfile Corp. - July 9, 2018) - Verisante Technology, Inc. (TSXV: VRS) (the \"Company\" or \"Verisante\"), is pleased to announce it has entered into a Definitive Agreement with Myanmar based SIM Co. Ltd. (\"SIM\") dated June 30, 2018, whereby VRS shall acquire all the issued and outstanding common shares of SIM, a land development Company pursuing construction and operation of an Offshore Supply Base (OSB) to service the awakening oil and gas industry in the Ayarwaddy region of Myanmar.Acquisition TermsSubject to Exchange approval, as well as applicable director and shareholder approvals, SIM shall sell and VRS shall acquire, on an arm's-length basis, all of the issued and outstanding Common voting shares of SIM (the \"SIM Shares\") from the current holders of the SIM Shares (\"SIM Shareholders\"). The total purchase price shall be satisfied by VRS issuing 500,000,000 of its Common shares (\"VRS Shares\") to the SIM Shareholders. The price was determined using a $0.10 share price for VRS and a minimum enterprise value for SIM of $50million according to the valuation report conducted by International Realty Valuation, Inc. The consideration for the Acquisition was determined through arm's-length negotiation by the parties. According to the unaudited financial statements provided to VRS by SIM, SIM has a minimum asset value of $50mil from its 184 acres of land and the issued government permit to develop and operate the OSB for 30 years. Currently, SIM has no liabilities or revenues. The proposed arm's-length acquisition (the \"Acquisition\") is subject to customary conditions, including necessary corporate and shareholder approvals and applicable exchange acceptance. Upon completion of the Acquisition the issuer will be an Emerging Market Issuer, and will seek to meet the requirements as an Industrial Issuer, as defined in Exchange Policy. 2.10. The issuer will be operating an OSB that will provide support facilities such as cranes, lifting equipment, warehouses, waste management and other support services to oil and gas companies operating in the region. This will constitute a Change of Business (\"COB\") and a Reverse Takeover (\"RTO\") as defined by TSXV Policy 5.2.SIM is controlled by U Aung Kyaw (Aar...