Fintech
Gold Horn International Enterprises Group Limited Terminates Qualifying Transaction with Cherub Limited
Calgary, Alberta–(Newsfile Corp. – June 16, 2020) – Gold Horn International Enterprises Group Limited (TSXV: GHE) (the “Corporation” or “Gold Horn“) announces that its previously announced qualifying transaction with Cherub Limited (“Cherub“) will not be proceeding.
In January 2018, Gold Horn entered into an agreement with the shareholders of Cherub whereby Gold Ball Properties Limited (“Gold Ball“), a subsidiary of Gold Horn agreed to purchase certain properties directly from Cherub (the “Properties“) and, concurrently, Gold Horn agreed to acquire 60% of the issued and outstanding shares (the “Cherub Shares“) of Cherub (the “Transaction“), for a total acquisition cost of $3,117,052 (HKD $ 19,550,000) (the “Purchase Price“).
On February 22, 2018, certain significant shareholders of Gold Horn, and their associates (the “Shareholders“), provided Cherub with the Purchase Price and became the beneficial owners of the Properties and the Cherub Shares with the understanding that such beneficial title would be transferred to Gold Ball and Gold Horn, respectively, upon receipt of TSX Venture Exchange (“TSXV“) approval of the Transaction, completion of the anticipated concurrent financing, and repayment of the Purchase Price to such Shareholders. To avoid future transfer fees, the Properties were registered in the name of Gold Ball and the Cherub Shares were registered in the name of Gold Horn, to be held in trust for the Shareholders. Declarations of Trust (“Trust Deeds“) were subsequently entered into by Gold Horn (as trustee) and the Shareholders (as beneficiaries), setting out this relationship. In accordance with such Trust Deeds, as amended, in the event that TSXV approval of the Transaction was not obtained prior to September 30, 2019, Gold Horn agreed to transfer all rights, including registered title, in: (i) the Cherub Shares, and (ii) all of the issued and outstanding shares of Gold Ball (the “Gold Ball Shares“), the registered owner of the Properties, to the Shareholders for no additional consideration.
Cherub and Gold Horn have determined that they no longer wish to proceed with the Transaction. Accordingly, as TSXV approval of the Transaction was not obtained prior to September 30, 2019 and all rights, including registered title, to the Cherub Shares and the Gold Ball Shares have reverted to the Shareholder and Gold Horn has no further interest whatsoever in the Cherub Shares or the Gold Ball Shares (or the Property owned by Gold Ball). This transfer of rights occurred for no consideration and no amount is owed by the Corporation to Cherub, Gold Ball or the Shareholder in respect of the Purchase Price. The Shareholder has agreed to pay any expenses associated with such transfer of registered title.
The Corporation shall continue to pursue other opportunities with a view to completing a Qualifying Transaction under the CPC policy of the TSXV.
Resignation of CEO, CFO, Corporate Secretary and Director
In connection with the termination of the Transaction, Mr. Sum Poon, the Corporation’s Chief Executive Officer, Chief Financial Officer, Corporate Secretary and a director has resigned effective January 31, 2019. Mr. Jason Krueger, a director of the Corporation has consented to act as Chief Executive Officer, Chief Financial Officer and Corporate Secretary. The Corporation is currently seeking a third independent director to join the board.
Gold Horn is currently subject to a cease trade order issued by the Alberta Securities Commission for failing to file its annual audited financial statements for the year ended June 30, 2019. The Corporation is currently working to complete the audited statements and otherwise update its continuous disclosure record, and upon completion of the same, will apply for a revocation of the cease trade order. In addition, the ordinary shares of Gold Horn are currently halted from trading on the TSXV but are expected to resume trading on the TSXV following the revocation of the cease trade order and receipt of TSXV approval of the same.
Additional Information
About the Company
Gold Horn is a capital pool company (“CPC“) within the meaning of the policies of the TSXV that has not commenced commercial operations and has no assets other than cash. Except as specifically contemplated in the TSXV CPC Policy, until the completion of its Qualifying Transaction (as that term is defined in the policies of the TSXV), the Corporation will not carry on business other than the identification and evaluation of companies, business or assets with a view to completing a proposed Qualifying Transaction. Gold Horn’s ordinary shares are listed on NEX board of the TSXV.
For further information please contact:
Gold Horn International Enterprises Group Limited:
Victor S. Dusik, Director
Telephone: (604) 818-4100
Cautionary Statements
Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “intend”, “may”, “will”, “expect”, and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on management’s current beliefs or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this news release contains forward-looking information with respect to the Transaction, the transfer of the Properties and Shares to the beneficial holders, the intent to pursue future opportunities to complete a Qualifying Transaction and the search for a third director for appointment to the board. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The Corporation cautions the reader that the above list of risk factors is not exhaustive. The forward-looking information contained in this news release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward- looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Neither the TSX Venture Exchange, Inc. nor its Regulation Services Provider (as that term is defined in the polices of the TSX Venture Exchange) has in any way passed upon the merits of the Qualifying Transaction and associated transactions and neither of the foregoing entities has in any way approved or disapproved of the contents of this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Not for distribution to U.S. Newswire Services or for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
The common shares have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/57980
As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
-
Fintech7 days agoFintech Pulse: Your Daily Industry Brief (Revolut, Bestow, Advyzon, Tyme Group, Nubank)
-
Fintech5 days agoFintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)
-
Fintech PR4 days agoAccording to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
-
Fintech5 days agoSPAYZ.io prepares for iFX EXPO Dubai 2025
-
Fintech5 days agoAirtm Enhances Its Board of Directors with Two Strategic Appointments
-
Fintech PR4 days agoPresident Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
-
Fintech PR4 days agoStay Cyber Safe This Holiday Season: Heimdal’s Checklist for Business Security
-
Fintech PR6 days agoGan & Lee Pharmaceuticals Announces U.S. FDA Clearance of the IND application for the innovative Bi-weekly GLP-1RA GZR18 Injection, Bofanglutide, with chronic weight management Indication (A Phase 2 head-to-head with Tirzepatide clinical trial)