Toronto, Ontario–(Newsfile Corp. – May 14, 2020) – VALUE CAPITAL TRUST. (TSXV: VLU.P) (“Value”), a capital pool company as defined under the TSX Venture Exchange (“TSXV” or the “Exchange”) policies, is pleased to announce that it has signed an arm’s length binding letter agreement (the “Agreement”) with neuroLytixs Inc. (“neuroLytixs”) pursuant to which Value has agreed to acquire, directly or indirectly, all 36,363,636 issued and outstanding common shares of neuroLytixs at a price of $0.165 per share (the “Transaction”). neuroLytixs, a private Ontario corporation, possesses an exclusive technology license from the Lawson Health Research Institute. Lawson is a research institute and affiliate of the London Health Sciences Centre and St. Joseph’s Health Care London and works in partnership with the University of Western Ontario and possesses patented technology that can detect a concussion via bio markers and molecules. The exclusive license permits neuroLytixs to commercialize Lawson’s technology throughout Canada, the United States of America and all the countries within the European Union. Value intends that the acquisition of neuroLytixs will be Value’s qualifying transaction (the “Qualifying Transaction”) pursuant to the policies of the TSXV. It is anticipated that the issuer resulting from the Transactions (the “Resulting Issuer”) will list as a Tier 2 Life Sciences Issuer on the Exchange.
The proposed concurrent financing is a non-brokered private placement at a price of $0.165 per common share for gross proceeds of $850,000 and resulting in 5,151,515 common shares issued of neuroLytixs.
The Agreement was negotiated at arm’s length and is effective as of April 20, 2020, and the Transaction is expected to close on or before June 30, 2020. The terms and conditions of the Agreement are expected to be superseded by a definitive agreement to be negotiated between the parties. Completion of the Transaction will be subject to a number of conditions, including but not limited to, acceptance by the TSXV, completion of a concurrent financing for minimum gross proceeds $400,000 up to a maximum of $1,000,000, and receipt of all directors, shareholder and requisite regulatory approvals in respect of the Transaction and satisfactory due diligence investigations. There can be no assurance that the Transaction will be completed as currently proposed or at all.
Value will provide further details in respect of the Transaction in due course by way of a comprehensive news release. Trading in the units of Value will remain halted per Exchange Policy.
All information contained in this news release with respect to Value and neuroLytixs was supplied by the parties respectively, for inclusion herein, without independent review by the other party and each party and its directors and officers have relied on the other party for any information concerning the other party.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSXV has in no way passed upon the merits of the Transaction and has neither approved nor disapproved of the contents of this news release.
For further information:
Value Capital Trust
Email: [email protected]
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements“) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this press release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected” “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”. “estimates”, “believes” or intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this press release, forward-looking statements relate, among other things, to: the Transaction and certain terms and conditions thereof; the business of neuroLytixs and the Resulting Issuer, the concurrent financing; the listing of the Resulting Issuer units on the Exchange; shareholder, director and regulatory approvals; and future press releases and disclosure. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive shareholder, director or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Value assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55886
Stockify goes fully Digital, offers Mutual Funds and Dematerialization of shares
In a strategic move to expand its offerings and provide a comprehensive suite of financial services, Stockify, a leading platform for Unlisted and pre-IPO shares in India, has announced plans to venture into the Mutual Fund space.
This development comes as part of Stockify’s mission to assist High-Net Individuals (HNIs) and Non-Resident Indians (NRIs) in accessing various investment opportunities in India via the pre-IPO route and maximizing their wealth. The company is also set to facilitate the Dematerialization of Shares. (Conversion of Physical Share to DEMAT account.)
Founded by Piyush Jhunjhunwala (CA, CPA) and Co-Founded by Rahul Khatuwala (CA) both seasoned finance professionals with decades of experience in global conglomerates.
Stockify has already carved a niche for itself in the Indian Financial landscape. The platform primarily focuses on providing access to Blue-Chip Stocks before their listing on the Indian Stock Market (via the Pre IPO Route) enabling early investors to potentially achieve significant returns. While expressing the company’s intent behind expanding its services, Jhunjhunwala said, “Mutual Funds are the backbone of the Indian Equity market, and we believe it is important that NRI and retail investors in India can greatly benefit from our new offering and this will help them in creating long-term wealth.”
The recent announcement of Stockify entering the Mutual Funds market follows the company’s successful acquisition of a Mutual Fund license in the first quarter of 2023. Alongside Mutual Funds, Stockify intends to offer an array of other financial products, like Start-up Funding, fixed investment products like Bonds and Non-Convertible Debentures (NCDs) and Insurance-Linked Investments, in the coming months. Notably, Stockify plans to make all its products and services 100% accessible online, aligning with the Digital India vision of our beloved Prime Minster Mr. Narendra Modi.
Currently, Stockify boasts 70 Unlisted/pre-IPO companies on its platform, with in-depth research conducted on all of them as stated by Jhunjhunwala. It offers a simple online process where transactions can be completed online, and shares get transferred to the clients DEMAT account on the same day.
Stockify’s global presence was recently showcased at the Dubai Fintech Summit (DFS). The two-day event brought together over 5,000 C-suite leaders, 1,000-plus investors, and 150 speakers from around the world. Stockify was selected as one of the proud exhibitors at the summit, solidifying its position as one of the world’s largest providers of pre-IPO and Unlisted Stocks in India.
With its ambitious expansion plans and commitment to innovation, Stockify is set to continue revolutionizing the way investors access and engage with financial opportunities in India and beyond.
VerifyVASP Wins Hong Kong’s IFTA Fintech and Innovation Awards 2022/23: Regulatory Technology Award
VerifyVASP was awarded the Institute of Financial Technologists of Asia (IFTA) Fintech and Innovation Awards 2022/23 for Regulatory Technology. The awards exhibit the extraordinary achievements made by companies and individuals in the finance and technology industries.
The IFTA Awards, themed “Game Changers: The Rise of Next Gen Fintech”, celebrates ground-breaking ideas and technologies that are shaping the future of finance. The distinguished Guest of Honour presenting the IFTA awards was the Under Secretary for Financial Services and the Treasury for Financial Services in the Hong Kong SAR, Mr. Joseph Ho-Lim Chan.
VerifyVASP has established itself as a comprehensive Travel Rule solution provider catering to Virtual Assets Service Providers (VASPs) worldwide. Its commitment to facilitating full compliance with Travel Rule regulations across multiple jurisdictions has earned it this prestigious recognition.
This accolade comes at an opportune time, as VerifyVASP supports the Hong Kong Virtual Asset Trading Platforms (VATPs) in adhering to the regulatory framework set forth by the Hong Kong Securities & Futures Commission, which came into effect on 1 June 2023. VATPs are granted a grace period till 1 January 2024 to ensure compliance with Travel Rule requirements.
The IFTA Fintech and Innovation Award underscores VerifyVASP’s capabilities, including:
- Facilitation of counterparty due diligence: VerifyVASP assists VASPs in counterparty due diligence before the first transaction, to stringent standards akin to that observed in correspondent banking. This is achieved through VerifyVASP’s own rigorous due diligence process, encompassing over 100 VASPs.
- Immediate and secure transmission: Leveraging a scalable architecture, VerifyVASP ensures immediate and secure transmission of required information, alongside verification of such information. To date, the platform has processed over 5 million transfers.
- Adherence to international data protection laws: VerifyVASP complies with international data protection law thanks to its decentralised, end to end encrypted architecture. This dedication to data security and privacy sets it apart in the industry.
- Asset agnostic: VerifyVASP’s capabilities extend to accommodating any type of virtual asset, having processed over 400 cryptocurrency variants on its platform.
- Integration of third-party screening solutions: VerifyVASP seamlessly integrates third-party solutions, allowing for efficient screening of originators or beneficiaries before blockchain transactions.
SOURCE VerifyVASP Pte Ltd
Nagad’s Digital Bank on cards, Sadaf to lead the side
Nagad, Bangladesh’s leading Mobile Financial Service (MFS) provider, is gearing up to establish the much-anticipated digital bank, as it is going to secure a licence from the Bangladesh Bank within a couple of months.
Sadaf Roksana, a co-founder and executive director of Nagad Ltd., has been entrusted with the responsibility of leading her company’s transformative venture that will bring greater convenience to the lives of millions of Bangladeshis, reducing their reliance on traditional brick-and-mortar banks.
The MFS provider earlier applied to secure a digital bank licence following the central bank’s call for applications through its website. The Bangladesh Bank also formulated necessary guidelines to widen and accelerate financial inclusion, which will also create jobs for young IT workers.
The world’s fastest mobile money carrier is going to venture into the digital banking era at a time when the financial landscape across the globe is fast evolving towards digitalisation, driven by technological advancements and changing consumer preferences.
Taking on the new assignment, Sadaf, a seasoned financial executive with a remarkable track record in the fintech industry, is poised to steer Nagad’s digital bank towards success. Once Nagad gets the digital bank licence, it will provide its consumers with innovative and convenient banking solutions.
“We are very excited that we are going to introduce digital banking services to the people of Bangladesh within a couple of months,” Sadaf said, adding, “This endeavour aligns perfectly with our vision of enhancing financial inclusion and ensuring easy access to all financial services also at affordable prices.”
Nagad is already well-equipped to launch a digital bank. It will start serving customers soon after getting the licence, Sadaf assured.
Under its digital banking platform, Nagad will introduce many new services, such as single-digit and collateral-free loans for small informal businesses and farmers who now are to take loans from moneylenders even at 40% interest rate per day, she pointed out.
“Thus, we will encourage them to come under financial inclusion, thus putting their money into the formal channel,” she expressed her optimism.
To assess one’s creditworthiness, Nagad has created an AI-based credit rating system that will analyse all transactions-related data available on public domains using one’s NID and mobile number, Sadaf Roksana added.
As Nagad goes ahead with its plans, all eyes will be on Sadaf Roksana and her team as they will embark on this exciting journey towards a more digitised and inclusive financial future for the country.
SOURCE Nagad Limited
- Bitcoin Price Climbs 3% on US Shutdown and Yields Gloom, But Bitcoin Minetrix Raises $200,000 and Is the Real Winner
- Webb Unveils Tangle Network Testnet, Pioneering the Future of Private, Decentralized Applications
- AMD Unveils Purpose-Built, FPGA-Based Accelerator for Ultra-Low Latency Electronic Trading
- AIIB, Türkiye Sign EUR150 Million Loan Agreement as Additional Funding for Istanbul Seismic Mitigation and Emergency Preparedness
- L’Oréal groupe OFFICIALLY OPENS NEW UK HEADQUARTERS IN WHITE CITY
- Digital Twin Market size worth USD 133.7 Billion, Globally, by 2030 at 38.1% CAGR: Verified Market Research®
- Swoop and Sage Unveil Global Partnership to Revolutionise Business Funding and Cost-Savings Solutions
- Swoop and Sage Unveil Global Partnership to Revolutionize Business Funding and Cost-Savings Solutions
- BGC Group Updates its Outlook for the Third Quarter of 2023
- Halifax Agrees to Acquire the Worldwide Home Care Division of Sodexo
- 2023 World Design Cites Conference Opens in Shanghai
- Embracing common values of whole mankind: China’s commitment to brighter future
- CRAYFISH BIDCO OY EXTENDS OFFER PERIOD UNDER ITS TENDER OFFER FOR CAVERION CORPORATION UNTIL 1 NOVEMBER 2023; EXPECTS TO OBTAIN REMAINING MERGER CONTROL CLEARANCE IN FINLAND IN OCTOBER
- Tetragon Financial Group Limited August 2023 Monthly Factsheet
- ChainUp Celebrates 6th Anniversary, Charting Blockchain Innovations beyond Digital Assets
Fintech PR2 weeks ago
2023 Asian Green and Low-Carbon Development Roundtable successfully held
Fintech PR2 weeks ago
Aon Joins International Emissions Trading Association as First Member with Risk Capital Capabilities
Fintech PR2 weeks ago
Wearable Devices and IoT Revolutionize Healthcare Monitoring and Weight Management
Fintech PR2 weeks ago
MYEG PARTNERS CHINA’S BEITOU IT INNOVATION TO SHOWCASE DIGITAL IDENTITY CREDENTIALS SERVICE ON THE ZETRIX BLOCKCHAIN
Fintech PR2 weeks ago
Tom Fitzpatrick Joins R.J. O’Brien as Managing Director, Global Markets Insights
Fintech PR2 weeks ago
MAX Exchange and Bitget announce strategic partnership, marking MAX Token’s debut on an international exchange
Fintech PR2 weeks ago
Stockings shift toward subscriptions this holiday season for UK shoppers, according to Recurly research
Fintech PR2 weeks ago
Rönesans secures prodigious ranking in ENR list: 9th European largest international contracting company, and 38th worldwide