Victory Square Technologies Completes $6,000,000 Sale Of VPN Platform To Cloud Nine Web3 Technologies Victory Square received 4,411,765 common shares of Cloud Nine Web3 Technologies Inc. (CSE: CNI) at a deemed issue price of $1.36 per common share for a purchase price of $6,000,000.
The share price of Cloud Nine (CSE: CNI) closed on March 15, 2021 at $1.79 per common share, valuing Victory Square’s 4,411,765 common shares at $7,897,059.35
Victory Square will have the right to dividend up to 15% of the total number of the Consideration Shares issuable hereunder to its shareholders
Company exercised 350,000 warrants in Argo Blockchain PLC (LON: ARB) for an approximate $1,488,000 gain (as at March 15th, 2021)
VANCOUVER, British Columbia, March 16, 2021 (GLOBE NEWSWIRE) - Victory Square Technologies Inc. (“Victory Square” or the “Company“) (CSE:VST) (OTC:VSQTF) (FWB:6F6) — is pleased to announce that it has signed and closed an asset purchase agreement dated March 15, 2021 to sell certain intellectual property assets related to a development stage VPN platform (the “Acquisition”) to Cloud Nine Web3 Technologies Inc. (“Cloud Nine” )(CSE: CNI).
“We’ve spent the last 6 years connecting with and investing in some of the brightest and disruptive minds in the Technology space; quietly building up a stockpile of applications and IP while waiting for an inflection point to start unleashing these applications to market,” said Victory Square CEO Shafin Diamond Tejani. “This 6 million sale of IP and the $1.5 million gain on Argo points to the extensive depth of the Victory Square portfolio and our ability to monetize and provide value to our shareholders.”
In consideration for the Acquisition, Victory Square received 4,411,765 common shares of Cloud Nine at a deemed issue price of $1.36 per common share for a sale price of $6,000,000. The common shares are subject to a restricted period of four months and one day.
The current share price of Cloud Nine Web3 Technologies Inc. (CSE: CNI) on March 15, 2021 is $1.79 per common share, valuing Victory Square’s 4,411,765 common shares of Cloud Nine at $7,897,059.35
Terms of the Acquisition
In consideration for the Acquisition, Cloud Nine Web3 Technologies Inc issued 4,411,765 common shares in the capital of the Cloud Nine at a deemed issue price of $1.36 per common share for a purchase price of $6,000,000. The common shares are subject to a restricted period of four months and one day. The Company will have the right to dividend up to 15% of the total number of the Consideration Shares issuable hereunder to the Company’s shareholders on a pro rata basis provided that: (i) the Company provides at least 60 days prior written notice to the Purchaser of the proposed dividend; and (ii) such dividend is undertaken by the Company in compliance with applicable securities laws.
Victory Square exercised 350,000 warrants in Argo Blockchain PLC (LON: ARB) for an approximate $1,488,000 gain (as at March 15th, 2021)
