Fintech
Battery Road Announces Results of Shareholder Meeting, Name Change to ‘E-Tech Resources Inc.’, Stock Split, Closing Date of Qualifying Transaction
Halifax, Nova Scotia–(Newsfile Corp. – October 14, 2021) – Battery Road Capital Corp. (TSXV: BTRY.P) (“Battery Road” or the “Corporation“), a capital pool company pursuant to Policy 2.4 of the TSX Venture Exchange (the “TSXV“), is providing this status update relating to the Qualifying Transaction of the Corporation (as such term is defined in TSXV policy 2.4) with E-Tech Kalapuse Mining (Pty) Ltd. (“E-Tech Namibia“).
SHAREHOLDER APPROVAL GRANTED
The Corporation announces that is has received approval from the shareholders of the Corporation at a shareholders’ meeting held on October 14, 2021 to, among other matters, conduct its contemplated share split, change the Corporation’s name and complete its contemplated Qualifying Transaction with E-Tech Namibia.
NAME CHANGE
Effective October 14, 2021, the Corporation will be renamed ‘E-Tech Resources Inc.’ (the “Name Change“).
STOCK SPLIT
The Corporation received approval to split its common shares on the basis of two (2) new common shares for each one (1) old common shares (the “Split“). The record date of the Split is October 14, 2021. The effective date of the Split is October 15, 2021, with the mailing date of the new share certificates being October 18, 2021.
The Corporation currently has 12,985,750 common shares issued and outstanding, which will be increased to 25,971,500 common shares after the Split is completed. The Corporation expects to have, on completion of the Qualifying Transaction, an aggregate of 82,971,530 common shares outstanding.
The Corporation will conduct the Split on a “push-out” basis with no further effort required on behalf of the shareholders to convert their shares. A new CUSIP number will be issued for post-split shares, which the Corporation will issue under the new corporate name of “E-Tech Resources Inc.”.
The stock split is being undertaken as a step in the Corporation’s Qualifying Transaction. The Qualifying Transaction is scheduled to close on October 15, 2021.
CLOSING OF QUALIFYING TRANSACTION
The Corporation received approval of shareholders to complete the acquisition of all of the outstanding E-Tech Namibia ordinary shares as contemplated in the share exchange agreement dated October 10, 2020, as amended (the “Definitive Agreement“).
To give effect to the Definitive Agreement, and complete the Qualifying Transaction, parties will take several actions which will result in the following:
(a) Battery Road will effect the Name Change;
(b) the Split will occur, resulting in 25,971,500 post-split common shares of E-Tech Resources Inc. (“Post-Split Shares“) being issued and outstanding to current shareholders of Battery Road;
(c) convertible debentures issued by E-Tech Namibia, together with interest thereon, will convert into E-Tech Namibia ordinary shares, which will further be exchanged for 14,777,790 Post-Split Shares under the terms of the Definitive Agreement;
(d) Battery Road will complete the share exchange with shareholders of E-Tech Namibia contemplated in the Definitive Agreement by issuing Post-Split Shares to the E-Tech Namibia Shareholders (excluding above noted holders of converted debentures) in exchange for all outstanding E-Tech Namibia ordinary shares, resulting in the issuance of 22,222,240 Post-Split Shares as aggregate consideration;
(e) Battery Road will issue and pay fees owing to Numus Capital Corp. for its role as agent in the concurrent private placement including the issuance of warrants entitling Numus to purchase 1,400,000 Post-Split Shares;
(f) Daniel Whittaker, Chris Drysdale, John Philpott, Ken Marshall, and Edward Loye will be appointed as directors of the Corporation;
(g) The 20,000,000 subscription receipts issued by Battery Road in its concurrent private placement will convert into an aggregate of 20,000,000 Post-Split Shares;
(h) proceeds of the concurrent private placement will be released from escrow to the Corporation;
(i) the Corporation will enter into a support services agreement with Numus Financial Inc. to provide for ongoing services to the Corporation; and,
(j) E-Tech Namibia will continue business as a direct, wholly-owned subsidiary of E-Tech Resources Inc.
In aggregate, the Corporation will ultimately have issued and outstanding capital of 82,971,530 Post-Split Shares after completion of the Qualifying Transaction.
The Qualifying Transaction is expected to close on or about October 15, 2021. With trading expected to resume upon issuance of the Final Exchange Bulletin.
About Battery Road Capital Corp.
Battery Road is a Capital Pool Company listed on the TSXV. Its principal business is the identification and evaluation of assets or businesses with a view to completing a qualifying transaction. Battery Road has not commenced commercial operations and has no assets other than cash.
For further information please contact:
Jim Megann, Director
Battery Road Capital Corp.
902-442-7192
Completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement prepared in connection with the Qualifying Transaction, any information released or received with respect to the Qualifying 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 proposed Qualifying Transaction and has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Service Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Battery Road to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Examples of such statements include timeline of completion of the Qualifying Transaction; release of the Offering proceeds from escrow to the Corporation; the timeline of conversion of subscription receipts, completion of the Name Change and, completion of the Split. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: satisfying conditions under the agreements forming part of the Qualifying Transaction; and satisfying the requirements of the TSXV with respect to proposed Qualifying Transaction. While Battery Road anticipates that subsequent events and developments may cause its views to change, Battery Road specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing Battery Road’s views as of any date subsequent to the date of this press release. Although Battery Road has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking 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 forward-looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect Battery Road. Additional factors are noted under “Risk Factors” in Battery Road’s initial public offering prospectus dated August 10, 2018, a copy of which may be obtained on the SEDAR website at www.sedar.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99686
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.
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