Fintech PR

iMining Signs Letter of Intent to Acquire Bitbit Financial

Published

4 years ago

May 26, 2021

Reading Time: 3 minutes

Vancouver, British Columbia–(Newsfile Corp. – May 26, 2021) – iMining Blockchain and Cryptocurrency Inc. (TSXV: IMIN) (the “Company” or “iMining“) is pleased to announce that it has entered into a Letter of Intent dated May 21^st, 2021 (the “LOI”), with BitBit Financial Inc., (“BitBit Financial”), for iMining to acquire all of the issued and outstanding shares of BitBit Financial (the “Acquisition”), in consideration of 10,000,000 shares of iMining.

BitBit Financial, headquartered in Brampton, Ontario, is a FINTRAC-licensed Canadian Bitcoin ATM Network operator, and is developing a digital asset exchange trading platform.

The final structure of the Acquisition is subject to receipt of tax, corporate and securities law advice for both iMining and BitBit Financial.

Terms of the Agreement

Under the terms of the LOI, on or prior to the closing date of the Acquisition or June 22, 2021 (the “Closing Date”), iMining will issue 10,000,000 common shares (the “iMining Shares”) to acquire all of the outstanding shares of BitBit Financial on a one-for-one exchange ratio. There are currently 10,000,000 BitBit Financial shares outstanding.

The holders of any other outstanding convertible, exchangeable or exercisable securities of BitBit Financial shall become entitled to receive iMining Shares upon the conversion, exchange or exercise thereof, based on the same one-for-one exchange ratio.

It is contemplated that the proposed Transaction will constitute an “Expedited Acquisition” by the Company, as such term is defined under TSX Venture Exchange (“TSXV”) Policies.

The parties acknowledge that upon completion of the Acquisition, all of the iMining Shares issued to acquire BitBit Financial will be subject to voluntary escrow provisions whereby the shares will become free-trading as to 25% on closing, and an additional 25% every three months thereafter.

The parties have agreed to undertake commercially reasonable efforts to negotiate and settle the terms of a Definitive Agreement by June 7, 2021 and to close the Acquisition on or before June 22, 2021. The LOI terminates in the event the parties fail to execute a Definitive Agreement by June 7^th, 2021, unless extended in writing by both parties.

Conditions for Closing

The Letter Agreement provides that closing of the Acquisition is subject to several conditions including, among other things: (i) requisite corporate approval of the various transactions contemplated by the Acquisition, from the board of directors of iMining and the shareholders of BitBit Financial, as applicable and required; and (ii) BitBit’s nominee as a director of iMining submitting a Personal Information Form to the TSXV for approval.

Business of BitBit Financial

BitBit Financial is a private company which sells digital goods and services. BitBit is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a money service business dealing in virtual currencies with registration number M21068159. BitBit has a virtual currency ATM Network and is working on developing a digital asset exchange trading platform which will provide users the easiest and safest way to buy and sell virtual currencies.

For more information on BitBit Financial please visit https://bitbitfinancial.com/ or email at [email protected].

About iMining Blockchain and Cryptocurrency Inc.

iMining is a growth-oriented, TSXV listed company, focused on linking traditional capital markets with blockchain investment opportunities. Through its wholly-owned subsidiary, the company provides retail and institutional investors a safe and secure way to stake Ethereum 2.0 using proprietary and secure proof of stake methods. We are driven by our core values to operate with transparency, efficiency, and sustainability as we work toward building long-term shareholder value.

ON BEHALF OF THE BOARD

Signed “Robert Eadie“
Robert Eadie, President & CEO

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.

Forward-Looking Statements

This news release contains certain forward-looking statements, which relate to future events or future performance, including, but not limited to, future business operations of iMining They reflect management’s current expectations and assumptions, and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of iMining’s activities, future cryptocurrency prices, operating risks, and other risks in the cryptocurrency industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/85223

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

12 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

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Fintech PR

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

Published

12 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

1 day 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.