Fintech
United Hunter Announces Entering into Letter of Intent to Acquire Bocana Resources Ltd.
Vancouver, British Columbia–(Newsfile Corp. – August 10, 2020) – United Hunter Oil & Gas Corp. (TSXV: UHO) (FSE: 18U1) (“UHO” or the “Company“) is pleased to announce that it has signed a non-binding letter of intent dated August 7, 2020 (the “LOI“) with Bocana Resources Ltd. (“Bocana“), a private company incorporated under the Canada Business Corporations Act (the “CBCA“), which sets forth the general terms and conditions of a proposed reverse takeover transaction (the “Proposed Transaction“). In addition and in connection with the Proposed Transaction, the parties have agreed to use their “commercially reasonable efforts” to cause UHO or Bocana to complete a private placement of common shares at a price of at least $0.10 in accordance with subsection 4.2(h) of Policy 5.4 of the TSX Venture Exchange (the “Exchange“)(the “Proposed Private Placement“).
The Proposed Transaction will, pursuant to the policies of the Exchange, constitute a ‘reverse takeover’ of the Company. The corporation resulting from the Proposed Transaction (the “Resulting Issuer“) will carry on the business of Bocana as currently constituted and be listed for trading on the Exchange as a Tier 2 mining issuer and the Frankfurt Stock Exchange under the name “Bocana Resources Gold and Silver Corp.”, or such other name as the parties may agree.
Pursuant to the terms of the LOI, it is intended that UHO and Bocana will enter into a business combination by way of a share exchange, merger, amalgamation, arrangement, or other similar form of transaction. The final structure of the business combination is subject to receipt by the parties of tax, corporate, and securities law advice and will be agreed to and superseded by a definitive agreement (the “Definitive Agreement“) between UHO and Bocana with such agreement to include representations, warranties, conditions and covenants typical for a transaction of this nature. In addition, upon execution of the LOI, UHO advanced to Bocana an unsecured loan in the principal amount of $20,000 and in accordance with section 6.1 of Policy 5.2 of the Exchange.
The Proposed Transaction is subject to, among other details, final approval of the Exchange and standard closing conditions, including the conditions described below.
Overview of Bocana
Bocana is a private corporation incorporated under the CBCA and carrying on business as a mineral exploration company focused on the acquisition, exploration and development of mineral properties in Bolivia. Bocana, through its wholly-owned subsidiary, Huiracocha International Service SRL, holds a 100% working interest in the mineral properties known as the Escala Area Concessions located at the Department of Potosi, Sud Lipez Province, Bolivia and has pending additional applications with the Corporación Minera de Bolivia to acquire the mining rights to two additional concession areas, also in the Sud Lipez Province of Bolivia.
Summary of the Proposed Transaction
Pre-Closing Capitalization of Bocana
As of the date hereof, Bocana has (a) 50,585,200 common shares issued and outstanding (the “Bocana Shares“), (b) 3,417,500 warrants to acquire 3,417,500 Bocana Shares (the “Bocana Warrants“) and (c) 417,000 common share purchase broker warrants to acquire 417,000 Bocana Shares the “Bocana Broker Warrants“)(the Bocana Shares, Bocana Warrants and Bocana Broker Warrants are collectively referred to herein as the “Bocana Securities“). Bocana will conclude an open private placement offering of up to 5,000,000 Bocana Shares at $0.10 per Bocana Share to raise gross proceeds of up to CAD $500,000 (the “Bocana Offering“). As a condition to completion of the Proposed Transaction and prior to the Proposed Private Placement, Bocana will complete the Bocana Offering.
Pre-Closing Capitalization of UHO
As of the date hereof, UHO has (a) 24,755,375 common shares issued and outstanding (the “UHO Shares“) and (b) 1,400,000 outstanding stock options to acquire 1,400,000 UHO Shares (the “UHO Stock Options“)(the UHO Shares and UHO Stock Options are collectively referred to herein as the “UHO Securities“).
The UHO Shares are currently listed on the TSXV under the symbol “UHO“. The UHO Shares are currently halted from trading and are expected to remain halted pending the completion of the Proposed Transaction.
Terms of the Proposed Transaction
The LOI serves as an agreement in principle concerning a business combination between UHO and Bocana that will result in a reverse takeover of UHO. The Proposed Transaction will take the form of a business combination between UHO and Bocana whereby the UHO Securities and Bocana Securities will be exchanged on a 1:1 basis for an equivalent security of the Resulting Issuer (other than Bocana Shares or UHO Shares held by shareholders who exercise their dissent rights, if applicable).
Under the terms of the LOI, it is anticipated that Bocana and UHO will enter into the Definitive Agreement pursuant to which the Proposed Transaction will be completed by way of a plan of arrangement, amalgamation, or alternate structure to be determined, the final structure of which will be subject to receipt by the parties of relevant tax, corporate and securities law advice.
The completion of the Proposed Transaction is also subject to several other conditions set out in the LOI, including approval by the directors of the Company and Bocana, satisfactory completion of due diligence, regulatory approval and shareholder approval. A more comprehensive news release will be issued by UHO disclosing details of the Proposed Transaction, including financial information respecting Bocana, the names and backgrounds of all persons who will constitute insiders of the Resulting Issuer, and information respecting sponsorship, once an agreement has been finalized and certain conditions have been met, including:
- satisfactory completion of due diligence; and
- execution of the Definitive Agreement.
Tim Turner, Chief Executive Officer and a director of UHO owns approximately 15.57% of the outstanding Bocana Shares. As a result of his position as a director and officer of UHO and ownership interest in Bocana, the Proposed Transaction will both constitute a “Non-Arm’s Length Transaction” as defined by the policies of the Exchange and a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Company will be seeking majority of the minority approval of the Proposed Transaction at a meeting of UHO shareholders. Trading in the UHO Common Shares has been halted and is not expected to resume trading until the Proposed Transaction is completed or until the Exchange receives the requisite documentation to resume trading.
The Company has requested a halt in trading of its UHO Common Shares and, pursuant to the rules of the Exchange, the halt in trading is expected to continue until the completion of the Proposed Transaction. Sponsorship pursuant to rules of the TSXV may be required and UHO plans to apply for a waiver. The Company has not yet engaged a sponsor.
Summary of the Proposed Private Placement
Pursuant to the LOI, the parties have agreed to use their “commercially reasonable efforts” to cause Bocana or UHO to complete a the Proposed Private Placement of common shares (the “Private Placement Common Shares“) at a price per common share of at least $0.10 to meet the valuation requirements set out in subsection 4.2(h) of Policy 5.4 of the Exchange. The parties may engage an agent or syndicate of agents (the “Agents“) for the Proposed Private Placement. A commission may be paid to the Agents or to individual registrants (including selling group members). The Agents may also be granted broker warrants of the number of Private Placement Common Shares sold by the Agents (including selling group members) in the Proposed Private Placement, with each broker warrant entitling the holder thereof to purchase one common share of the Resulting Issuer at a price equal to the price paid per Private Placement Common Share for a period of 12 months from closing of the Proposed Transaction. Further particulars of the Proposed Private Placement will be disseminated in a news release to be issued upon finalization of its terms.
Forward-Looking Information
Statements in this press release regarding UHO’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties, such as terms and completion of the proposed transaction. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to, execution of a binding Definitive Agreement relating to the Proposed Transaction, Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the Proposed Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a UHO should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this press release.
For further information, please contact:
Timothy Turner
Chief Executive Officer
United Hunter Oil & Gas Corp.
Telephone: (713) 858-3329
Email: [email protected]
Neither 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 news release.
Doo Group’s brokerage brand, Doo Financial is thrilled to announce its expansion into Indonesia by acquiring a reputable Indonesian broker to expand the business. This move brings its global investment services to local investors. Backed by the strength of Doo Group’s extensive international presence, cutting-edge technology, and 10 years of expertise, Doo Financial is well positioned to support investors at every level.
As a brand encompassing investment services offered by various legal entities within the Doo Group, Doo Financial provides a comprehensive range of global brokerage services. This wide range of products empowers investors to pursue their financial goals.
With a diversified portfolio, Doo Financial empowers investors to navigate various market conditions effectively, manage risks, and focus on long-term growth. This entry into the Indonesian market reflects Doo Financial’s commitment to supporting investors with flexible, high-quality investment options tailored to today’s dynamic financial landscape.
Supervision by International Regulatory Institutions to Ensure Top-Tier Safety
As a global leading finance group, Doo Group has licensed entities regulated by top regulatory authorities worldwide, ensuring a secure and reliable trading environment.
Our global credentials include licenses from the U.S. Securities and Exchange Commission (US SEC), the Financial Industry Regulatory Authority (US FINRA) in the U.S., the Financial Conduct Authority (UK FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Hong Kong Securities and Futures Commission (HK SFC), Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia. These licenses enable us to provide secure and reliable financial services globally.
Dedication to Shape the Industry with Innovative Solutions
Doo Financial’s expansion into Indonesia brings advanced technology and a global perspective to empower local investors. As an international investment firm committed to secure and seamless trading, Doo Financial offers a diverse range of products and services to help diversify portfolios and open up new opportunities.
This growth elevates opportunities for Indonesian investors by offering seamless access to global markets and advanced trading platforms within a secure and regulated environment. It broadens investment choices and enhances the trading experience, aligning it with international standards and empowering local investors with comprehensive tools and resources for success.
Driven by unwavering commitment, this growth marks a significant milestone in Indonesia’s investment landscape, equipping our clients with the tools to navigate global markets. We remain dedicated to delivering exceptional service, exploring new opportunities, and driving future breakthroughs. With continued support from the FinTech community, we are excited to innovate and shape the future of finance.
Stay updated with the latest insights from Doo Financial. Join our community of empowered investors and let us be your trusted partner!
E-mail: [email protected]
The post Doo Financial Now in Indonesia: Offering Local Investors A Gateway to Global Markets appeared first on .
Fintech is on an accelerated trajectory of investment, collaboration, and innovation. This pulse tracks the most significant developments in the sector, from high-profile investments to global platform expansions. Each update in this briefing serves as a key indicator of where the industry is headed.
1. European Fintechs Face Regulatory Pressures Amid New Investment Surge
The European fintech sector finds itself at a crossroads with increasing scrutiny and rising costs due to stringent regulations. While investments continue to flow into the continent’s financial technology companies, challenges in meeting new compliance requirements, especially around data privacy and cybersecurity, create a complex landscape for scaling. This tension between opportunity and operational limitations might affect European fintechs’ growth strategies.
Source: Financial Times
2. Shopify, Slack Founders Join Peter Thiel in Fintech Investment Push
Tobi Lütke of Shopify and Stewart Butterfield of Slack, along with investor Peter Thiel, have co-invested in a new fintech initiative that aims to bolster small business access to capital. By merging technology with a streamlined funding model, this new initiative targets underserved SMBs, highlighting a broader trend of high-profile tech leaders pivoting to fintech investment. The participation of Lütke and Butterfield signals increased cross-sector collaboration in fintech, bringing expertise from e-commerce and communication technology into the financial arena.
Source: Yahoo Finance
3. Lean Technologies Raises $67.5 Million to Drive Fintech Innovation in the Middle East
Riyadh-based fintech platform Lean Technologies recently secured a $67.5 million Series B investment round, aiming to expand its operations across the Middle East. This funding reflects growing investor interest in emerging markets and the potential of Middle Eastern fintech to bridge regional gaps in financial services access. As Lean Technologies broadens its service offerings, the funding will support further technological integration and scalability across financial ecosystems in the region.
Source: Fintech Global
4. Apollo Global Management Invests in Fintech for Private Offerings Support
Apollo Global Management has taken steps to enhance its services for private offerings by investing in specialized fintech solutions. This development signifies a growing trend among private equity firms to adopt fintech as a core component in their service expansion, particularly for personalized client services. Apollo’s strategy of integrating fintech solutions into private offerings marks a strategic shift toward digitalization within traditional financial sectors.
Source: Bloomberg
5. Juniper Research Names 2025’s Future Leaders in Fintech
Juniper Research has revealed its picks for the top future leaders in fintech for 2025. This list emphasizes innovation in fields such as AI, open banking, and decentralized finance, highlighting startups that exhibit potential for reshaping industry standards. As these up-and-coming firms push the boundaries of traditional finance, they exemplify the rising tide of next-generation financial technology poised to become industry mainstays.
Source: Globe Newswire
Conclusion
The convergence of seasoned tech giants with fintech, new funding rounds for region-specific platforms, and the rise of future industry leaders underscore the momentum of the fintech sector. Each of these stories reflects a broader narrative: fintech is not only diversifying in services but also rapidly integrating into traditional finance and tech, paving the way for a transformative era.
The post Fintech Pulse: Evolving Fintech Investments and Partnerships Signal Industry Transformation appeared first on HIPTHER Alerts.
In this edition of Fintech Pulse, we delve into groundbreaking announcements from the 2024 Hong Kong Fintech Week, spotlight strategic collaborations fostering financial accessibility, and examine significant profit growth in global fintech companies. Here’s our comprehensive breakdown of the latest happenings in fintech.
1. Bairong’s Full-Scenario AI Products Showcase at Hong Kong Fintech Week
Source: PRNewswire
At the 2024 Hong Kong Fintech Week, Bairong showcased its range of AI-driven solutions designed to support the digital transformation of financial institutions. Their new “full-scenario” suite aims to enhance data analysis, financial risk management, and credit scoring. The offering underscores Bairong’s strategic vision to advance financial decision-making with AI technology that serves a variety of sectors, including banking, insurance, and asset management.
This development aligns with broader industry trends emphasizing the power of AI to bridge operational gaps in traditional finance. Bairong’s solutions promise to optimize financial workflows, identifying high-risk factors in real-time. The commitment to developing comprehensive, adaptable AI tools demonstrates Bairong’s ambition to stay at the forefront of AI-powered fintech innovations.
2. SBI and APIX Establish Innovation Hub to Propel Fintech Partnerships
Source: The Paypers
SBI Holdings, Japan’s major financial services group, recently announced the launch of an Innovation Hub in partnership with APIX to advance fintech collaboration and innovation. The hub will serve as a catalyst for startups and financial technology firms to collaborate, leveraging APIX’s open innovation platform for API exchange.
Through this hub, SBI and APIX aim to address critical technological needs in the fintech sector. Startups and established firms can collaborate on new technologies and bring forward interoperable systems for the industry. This initiative marks a new phase in fintech alliances, where regulatory support and open innovation can accelerate fintech growth on a global scale.
3. Wise’s Record Profits Point to Growing Market Dominance
Source: MSN
British fintech giant Wise reported a 55% surge in profits, driven by an expanding customer base and increased market share. The company’s cross-border payment solutions are seeing widespread adoption, as it provides individuals and businesses with affordable currency exchange options, bypassing high fees associated with traditional banks.
Wise’s success underscores the current demand for transparent, low-cost international payments. As the firm continues to focus on product expansion and market penetration, its financial trajectory showcases how fintech firms can challenge the status quo in cross-border transactions, maintaining profitability while serving a rapidly growing user base.
4. Parker Secures $20 Million Series B Funding for Fintech Data Suite
Source: Forbes
Fintech startup Parker raised $20 million in a Series B funding round, with the goal of expanding its suite of financial data tools. Parker’s product range enables small and medium enterprises (SMEs) to gather and analyze data, facilitating more informed financial decisions. This funding reflects investor confidence in the need for specialized financial data tools tailored to SMEs, a sector often underserved in financial innovation.
By addressing the needs of smaller businesses, Parker is positioning itself as a key player in the niche market of financial data, which has typically been dominated by larger corporate-focused platforms. This funding round highlights the growing trend of venture capital backing for niche fintech solutions aimed at smaller, agile businesses.
5. The Payments Group and HubPeople’s Cash Payments Initiative for Online Daters
Source: PRNewswire
The Payments Group, a digital payments solution provider, announced a collaboration with HubPeople, an online dating platform, to integrate cash payment solutions for over 100 million users globally. This partnership aims to reach users who may not have access to traditional banking or prefer alternative payment methods.
The initiative points to the broader trend of payments inclusivity in fintech, whereby payment firms are making financial transactions more accessible for underserved communities. By integrating cash payment solutions, The Payments Group and HubPeople highlight the importance of flexibility in payment options, acknowledging the diverse financial preferences of users worldwide.
Industry Implications and Observations
These stories collectively reveal several key trends and insights about the evolving fintech landscape. The focus on AI, digital collaboration hubs, profitability through transparency, specialized data tools, and inclusive payment solutions are reshaping financial services. Fintech’s current trajectory indicates a robust push towards not only digital transformation but also inclusivity and global accessibility.
As financial technology continues to innovate, these advancements illustrate the increasing overlap between technology and finance, as well as the potential for fintech to foster inclusive growth. With companies like Bairong and Wise setting benchmarks for AI and cross-border payments, respectively, and emerging startups like Parker developing new, data-centric tools, fintech’s future promises a dynamic shift towards improved service and enhanced user engagement.
The post Fintech Pulse: Industry Innovations and Partnerships Drive Global Fintech Forward appeared first on HIPTHER Alerts.
-
Fintech4 days agoFintech Pulse: Industry Innovations and Partnerships Drive Global Fintech Forward
-
Fintech3 days agoFintech Pulse: Evolving Fintech Investments and Partnerships Signal Industry Transformation
-
Fintech PR7 days agoConverge Technology Solutions Named Solution Partner of the Year at the 2024 Ingram Micro ONE Innovation Summit
-
Fintech PR7 days agoManulife Investment Management aligns capabilities across regions under the newly created role of Global Emerging Market Equities CIO
-
Fintech PR7 days agoBybit and Block Scholes Uncover Post-Election Bullish Sentiment: Traders Lean Into Leveraged Longs Amid Stabilized Market
-
Fintech PR7 days agoPalm Jebel Ali Project Surges Ahead in 2024: Milestones Achieved in Record Time for Dubai’s Most Anticipated Development
-
Fintech PR7 days agoThe Trade Facilitation Commission release their report entitled ENSURING ECONOMIC GROWTH
-
Fintech PR6 days agoStatement From Universal Music Group N.V.