Wolverine Resources Corp (WOLV)

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Wolverine Exploration, Inc. cancelled the acquisition of ENIGMAMobil Inc. from David Chalk

Wolverine Exploration, Inc. (OTCPK:WOLV) entered into a letter of intent to acquire 25% stake in ENIGMAMobil Inc. from David Chalk for $10 million on September 5, 2013. Under the terms of the letter of intent, Wolverine will have 120 days to raise the financing and enter into a formal purchase agreement with Enigma. Wolverine entered into a letter of intent to acquire ENIGMAMobil on January 22, 2014. As per the amended letter of intent, the purchase price is $5 million out of which $3 million is to be paid in shares of common stock of Wolverine at a deemed price of $0.01 per share and $2 million in cash. Wolverine also announced a proposed private placement of up to 50 million common shares at $0.01 per share. Wolverine entered into a share exchange agreement to acquire ENIGMAMobil on April 14, 2015. As per the amended agreement, the purchase price of $3 million will be paid in shares of common stock of Wolverine, representing 46% shares in Wolverine. Wolverine will also receive a 25% royalty of all gross revenue received by Enigma from the sale of licenses of the ENIGMAMobil mobile security app. David Chalk, Head Technology of ENIGMAMobil has been appointed to the Board of Directors of Wolverine while Richard Haderer as Chief Executive Officer, Chief Financial Officer and Director of Wolverine. The agreement is subject to Enigma completing a financing of $2.5 million and Wolverine increasing its authorized capital of common stock to allow for the issuance of the shares and finders’ shares. Closing of the agreement will involve Wolverine issuing a finder’s fee consisting of 30 million common shares of Wolverine and grant a 10% royalty of all gross revenue received by Enigma from the sale of licenses of the ENIGMAMobil mobile security app received by Wolverine to Texada Consulting Inc. As of August 29, 2016, the agreement may be terminated if the transaction does not close by December 31, 2016, unless extended by mutual agreement. As of January 30, 2017, the agreement may be terminated if the transaction does not close by June 30, 2017, unless extended by mutual agreement. As of October 4, 2017, the agreement may be terminated if the transaction does not close by December 31, 2017, unless extended by mutual agreement. Wolverine Exploration, Inc. (OTCPK:WOLV) cancelled the acquisition of ENIGMAMobil Inc. from David Chalk on December 31, 2017. Wolverine will no longer be pursuing an interest in Enigma.
https://www.marketscreener.com/quote/stock/WOLVERINE-TECHNOLOGIES-CO-120792625/news/Wolverine-Exploration-Inc-cancelled-the-acquisition-of-ENIGMAMobil-Inc-from-David-Chalk-34862136/