Fintech PR

iMining Announces Fundamental Acquisition of CanETH Staking Services Inc.

Published

4 years ago

February 3, 2021

Reading Time: 3 minutes

Vancouver, British Columbia–(Newsfile Corp. – February 3, 2021) – iMining Blockchain and Cryptocurrency Inc. (TSXV: IMIN) (the “Company” or “iMining“) is pleased to announce that it has entered into a letter agreement dated February 2, 2021 (the “Letter Agreement“), with CanETH Staking Services Inc., a private Ontario corporation (“CanETH“), to acquire all the issued and outstanding securities of CanETH (the “Acquisition“). The final structure of the Acquisition is subject to receipt of final tax, corporate and securities law advice for both iMining and CanETH. In addition, the Acquisition is subject to TSX Venture Exchange (“TSXV“) approval.

Terms of the Agreement

Under the terms of the Letter Agreement, and on or prior to the closing date of the Acquisition (the “Closing Date“), the outstanding shares of CanETH (the “CanETH Shares“) shall be reorganized such that they are converted or otherwise exchanged by the holders thereof into or for common shares of iMining (the “iMining Shares“) based on a one-for-one exchange ratio, and iMining shall become the direct or indirect holder of all outstanding CanETH Shares. The holders of any other outstanding convertible, exchangeable or exercisable securities of CanETH shall become entitled to receive iMining Shares upon the conversion, exchange or exercise thereof based on a one-for-one exchange ratio. There are currently 28,000,000 CanETH Shares outstanding and 38,458,265 iMining Shares and 5,556,880 warrants to acquire iMining Shares outstanding. The Acquisition will result in CanETH shareholders owning approximately 42.13% of the Company on an undiluted, pre-Financing (as defined below) basis.

The parties have agreed to undertake commercially reasonable efforts to close the Acquisition on or before April 30, 2021. The Letter Agreement terminates in the event the parties fail to complete the Acquisition on or prior to April 30, 2021, unless extended in writing by the parties.

Conditions for Closing

The Letter Agreement provides that closing of the Acquisition is subject to several conditions including, among other things: (i) receipt of all regulatory approvals, including the TSXV; (ii) requisite corporate approval of the various transactions contemplated by the Acquisition from the directors and shareholders of iMining and CanETH, as applicable and required; and (iii) closing of the Financing for gross proceeds of at least $1,700,000, as described below.

Financing

As previously announced in its news releases dated January 11, 2021 and January 29, 2021, iMining intends to complete a private placement to raise gross proceeds of up to $2,000,000 (the “Financing“), through the issuance of up to 20,000,000 units (the “Units“) at $0.10 per Unit. Each Unit will be comprised of one iMining Share and one-half of one common share purchase warrant (“Warrant”), with each whole Warrant entitling the holder to purchase one iMining Share at a price of $0.15 per share for a period of two years, provided that in the event the closing price of the iMining Shares is equal to or greater than $0.45 per share for 20 consecutive trading days, the Company may, by notice to the Warrant holders (which notice may be by way of general news release), reduce the remaining exercise period of the Warrants to not less than 30 days following the date of such notice.

Proceeds of the Financing will be used toward (i) costs of completing the Acquisition, (ii) to expand CanETH’s business, and (iii) for general working capital purposes.

Business of CanETH

CanETH Staking Services is a Canadian-based company offering a staking solution for Ethereum 2.0, providing clients with a simplified on-ramp to participate in the ETH 2.0 Proof of Stake movement. Incorporating a proprietary, best-in-class staking process CanETH ensures robust security, reliability and scalability; while removing the technical complexity of deploying and managing validators.

For more information on CanETH Staking Services please visit www.caneth.com or email at [email protected].

New Director

Upon the closing of the Acquisitions and the Financing, Mr. Saleem Moosa will be appointed as a new director of iMining. Mr. Moosa is currently the CFO of CanETH. Mr. Moosa started his career in investment banking and has over 12 years of international experience in the financial sector. At Lazard Ltd., (a NYSE listed financial advisor and asset management firm) he was involved in cross-border mergers and acquisition transactions, restructuring mandates and equity raising projects.

Other

The terms of the Acquisition were negotiated at arm’s length. The Acquisition will constitute a fundamental acquisition under TSXV Policy 5.3, and as such it will require approval of the TSXV. As the transaction is arm’s length and there is not expected to be any new control persons created, it is not expected that the shareholders of iMining will be required to approve the Acquisition. Trading of iMining’s Shares on the TSXV has been halted until the earlier of satisfactory review of the proposed transaction by the TSXV, or closing of the transaction.

Both the closing of the Acquisition and the Financing are subject to the approval of the TSX Venture Exchange.

Further details regarding new management, CanETH and its business will follow in subsequent news releases.

ON BEHALF OF THE BOARD

Signed “Robert Eadie“
Robert Eadie, Chief Executive Officer and Director

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact: Robert Eadie
Telephone: 1-604-602-4935 Facsimile: 1-604-602-4936
Email: [email protected]
Website: www.imining.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Fintech PR

Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region

Published

11 hours ago

November 24, 2024

CISION (PR Newswire)

wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.

On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”

Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.

His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.

As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.

Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

Photo – https://mma.prnewswire.com/media/2566076/Wahed_MENA_Khalid_Al_Jassim.jpg

View original content:https://www.prnewswire.co.uk/news-releases/wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region-302314779.html

Fintech PR

Qatar Development Bank announces strategic investment in global Islamic FinTech, Wahed

Published

11 hours ago

November 24, 2024

CISION (PR Newswire)

qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech,-wahed

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.

Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.

Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.

Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”

About Wahed

For more information, visit: www.wahed.com

About Qatar Development Bank

Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.

For more information, visit: https://www.qdb.qa/

Photo – https://mma.prnewswire.com/media/2566075/Qatar_Development_Bank_Announcement.jpg

View original content:https://www.prnewswire.co.uk/news-releases/qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech-wahed-302314778.html

Fintech PR

China’s AIMA brand electric motorbike is now in Bangladesh

Published

24 hours ago

November 23, 2024

CISION (PR Newswire)

DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.

In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.

Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.

AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.