Toronto, Ontario–(Newsfile Corp. – June 29, 2021) – Great Oak Enterprises Ltd. (“Great Oak” or the “Company“) is pleased to announce that it has entered into a definitive agreement (the “Agreement” or “Acquisition”) to acquire Mijem Inc. (“Mijem”), a technology company based in Ontario, Canada in a reverse takeover transaction with a view to applying for a listing of the Company’s common shares on a recognized exchange in Canada (the “Transaction”).
Mijem is the developer of the popular Mijem social marketplace, an intuitive online platform and application ecosystem which connects students with their peers to efficiently buy, sell and trade goods and services. To date, Mijem has established relationships with more than 70 university and college communities, including those of the University of Texas, the University of Toronto, the University of British Columbia, the University of Michigan and the University of Miami.
Key Agreement Details
The Acquisition is expected to close on or around September, 2021. Under the terms of the Agreement, Great Oak will acquire 100% of the issued and outstanding shares of Mijem through the issuance of shares of the Company (the “Share Consideration”). The Acquisition and the resulting ratio of shares to be issued to the shareholders of Mijem will require Great Oak shareholders to approve a consolidation of its common shares on the basis of one new share for each 2.8294 common shares issued and outstanding prior to the completion of the Transaction.
Great Oak has agreed to increase the Company’s board of directors to five, of which four board seats will be allotted to Mijem nominees upon completion of the Transaction.
Mijem is required to complete a private placement financing of between $1.5M and $5.0M to be closed before or upon completion of the Transaction.
The Proposed Transaction is subject to a number of conditions, including but not limited to, receipt of all necessary regulatory and third party approvals and certain other closing conditions.
Key Mijem Drivers
Mijem is a Canadian-based social media and technology company that provides innovative solutions to create a vibrant social marketplace for Generation Z to connect and to efficiently buy, sell and trade goods and services. Mijem’s patent-pending flagship technology currently permits thousands of university and college students across the United States and Canada to both connect on-line and engage in consumer-to-consumer commerce. Mijem has an ambitious growth agenda, which includes implementing a unique Bitcoin SV-based cashback loyalty system using the Bitcoin SV blockchain.
Under the conditions to the Agreement, Great Oak has closed a private placement for $100,000 through the issuance of 2,000,000 common shares at a price of $0.05 per share (pre-consolidation). The issuance of common shares in the private placement is a related party transaction as outlined in National Instrument 61-101 and qualifies for exemption under clauses 5.5b and 5.7b.
The full Agreement has been posted to the Company’s profile on www.SEDAR.com.
For more information please contact:
c/o Sophic Capital
Phone: +1 647 953 5607
Great Oak Enterprises Ltd.
c/o Grove Issuer Services
2704-401 Bay Street
Toronto, ON M5H 2Y4
Tel: +1 416 642 1807
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in the Company’s filings with Canadian securities regulators. When used in this news release, words such as “will, could, plan, estimate, expect, intend, may, potential, believe, should,” and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, statements regarding the Company’s unaudited financial results and projected growth.
Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are subject to inconsistent legislation and regulation; change in laws; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and recreational-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
No securities regulator or exchange has reviewed, approved, disapproved, or accepts responsibility for the content of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/89046
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