Fintech
Contakt World (Formerly Tracker Ventures) Announces Completion of Reverse Takeover Transaction
Vancouver, British Columbia–(Newsfile Corp. – July 13, 2021) – Contakt World Technologies Corp. (CSE: TKR) (FWB: B2I) (the “Company” or “Contakt World“) is pleased to announce the completion of its previously announced reverse takeover transaction (the “Transaction“) with Contakt World Technologies Corp. (“Contakt Target“), pursuant to the terms of the amalgamation agreement (the “Amalgamation Agreement“) dated December 3, 2020 among the Company, Contakt Target, 1276313 B.C. Ltd. (“Subco“) and certain founding shareholders of Contakt Target.
The Transaction was carried out by way of a three-cornered amalgamation, whereby Subco and Contakt Target amalgamated and Contakt Target became a wholly-owned subsidiary of the Company. In connection with the Transaction, the Company (i) changed its name from “Tracker Ventures Corp.” to “Contakt World Technologies Corp.”, (ii) reorganized its share structure to redesignate its existing common shares as class A subordinate voting shares (the “Subordinate Voting Shares“) and create a new class of class B super voting shares and (iii) reconstituted its leadership team such that it is now composed of the following individuals: Justin Beck as Chief Visionary Officer; Zayn Kalyan as Interim Chief Executive Officer and a director; Dong Shim as Chief Financial Officer; Robin Coleman as a director; Catherine Delcin as a director; and Christopher Cherry as a director.
The Acquisition constituted a “fundamental change” of the Company, as such term is defined in the rules and policies of the Canadian Securities Exchange (the “CSE“). Upon acceptance of the Company’s final application with the CSE respecting the Transaction, the Company will provide a further update respecting the date on which the Subordinate Voting Shares will commence trading under the Company’s new trading symbol “HELP”.
Justin Beck, Chief Visionary Officer, added, “I want to thank everyone for their patience, and the CSE for their support, during this process. With our public listing, Contakt World is better positioned to attract capital, retain talent, pursue M&A, and realize our commercial plans. We couldn’t be more excited about our future.”
Once accepted by the CSE, a copy of the Form 2A listing statement in connection with the Transaction will be available on SEDAR at www.sedar.com and the CSE website.
Financing
Contakt World is also pleased to announce that it has closed the fifth tranche (the “Fifth Tranche“) of its previously announced financing (the “Financing“) of units (each, a “Unit“) of the Company through the issuance of 207,692 Units at a price of $0.65 per Unit, for total gross proceeds of $135,000. Each Unit is composed of one (1) Subordinate Voting Share and one-half of one (1/2) Subordinate Voting Share purchase warrant (a “Warrant“). Each whole Warrant is exercisable into one (1) Subordinate Voting Share (a “Warrant Share“) at a price of $1.30 for a period of two (2) years from the date of issuance. Between all tranches of the Financing, the Company has issued a total of 2,686,015 Units, raising aggregate gross proceeds of $1,745,910.
All securities issued pursuant to the Fifth Tranche are subject to a four-month and one day statutory hold period.
The Company intends to use the net proceeds from the Fifth Tranche towards general working capital.
Contakt World Contact
Zayn Kalyan
Interim CEO and Director
Direct: 778-938-3367
For more information, investors should review the Company’s filings that are available at www.sedar.com.
About Contakt World
Contakt World is a technology company developing and delivering SaaS solutions for the public and private sectors. It integrates data collection and management, communications, advertising, and IoT devices, providing customers with a scalable ecosystem that makes sense of people, place, time, and space for the emerging “phygital” (blending physical and digital) world. Contakt World is committed to improving health equity and disease management while solving sector-specific business challenges.
For more information, please visit the Company’s website at www.contakt.world.
This press release is not an offer of securities for sale in the United States. The securities described in this press release have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act of 1933, as amended) absent registration or an exemption from registration. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction where such offer, solicitation, or sale would be unlawful.
Forward-Looking Statements
Certain information set forth in this press release contains statements that reflect “forward-looking information”, as such term is defined under Canadian securities laws (“forward-looking statements“). These forward-looking statements are often identified by words such as “intends”, “anticipates”, “expects”, “believes”, “plans”, “likely” or similar words. Specifically, this news release includes forward-looking statements regarding filing with the CSE, and acceptance, of the final application respecting the Transaction, the resumption of trading in the Subordinate Voting Shares, the expected use of proceeds from the Fifth Tranche and the Company’s future business plans. The forward-looking statements reflect the Contakt World’s management’s expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although Contakt World believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. The forward-looking statements may also be affected by risks and uncertainties in the business of Contakt World, including those described in the Company’s public filings available on www.SEDAR.com. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
The Canadian Securities Exchange (CSE) has not reviewed, approved or disapproved the content of this news release.
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