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eShippers Management Ltd. Provides an Update on Proposed Reverse Take-Over Transaction

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Vancouver, British Columbia–(Newsfile Corp. – November 19, 2021) – eShippers Management Ltd. (TSXV: EPX.H) (“eShippers“) wishes to provide further information regarding its previously announced arm’s length ‎reverse take-over transaction (the “RTO“) involving eShippers and ISON Mining Pte Ltd. (“ISON“).

ISON has recently provided eShippers with updated financial information and the following table sets forth selected financial information for ISON for the six month period ended June 30, 2021, and for the two most recently completed financial years ended December 31, 2020 and December 31, 2019. This selected financial information has been prepared using accounting policies in compliance with IFRS issued by the International Accounting Standards Board and interpretations of the International Financial Reporting Interpretations Committee. The amounts shown below are presented in United States dollars.

As at the six months ended June 30, 2021
(unaudited)
US$
As at the year ended
December 31, 2020
(audited)
US$
As at the year ended
December 31, 2019
(audited)
US$
Total Revenue $Nil $Nil $Nil
Loss from operations $147,370 $159,474 $252,652
Loss and comprehensive loss $147,370 $291,207 $252,652
Total Assets $505,105 $11,613 $131,881
Total Liabilities $261,801 $170,939 $515,613
Shareholders’ equity (deficiency) $243,304 ($159,326) ($383,732)

 

As a condition to the completion of the RTO, the newly reconstituted board of directors will be required to appoint a new CFO. eShippers is pleased to announce that Mr. William Tsang is expected to be appointed as the CFO concurrent with the closing of the RTO. Mr. Tsang is a Chartered Professional Accountant with a Bachelor of Commerce from the University of British Columbia with more than 10 years of financial accounting and auditing experience in the mineral exploration and mining industry. He had worked in public practice providing professional services and advice to publicly traded companies on the NYSE, TSX-V, and OTC markets on various public reporting services, such as Qualifying Transactions for Reverse Take-Over, mergers and acquisitions, and financing transactions. Mr. Tsang was the Chief Financial Officer of Atico Mining Corporation and Metalla Royalty & Streaming Ltd. and now holds the position of Chief Financial Officer at Nova Royalty Corp.

As previously announced, ISON is a private company existing under the laws of Singapore. ISON is the 100% owner of ISON do Brasil Mineracão Ltda. (“ISON do Brasil“) which has acquired 100% of the mineral processes and rights for its Novo Mundo and Buracão gold projects (the “Projects“) under definitive acquisition agreements. The Novo Mundo gold project includes three mineral process and rights and is comprised of 16,735 Ha located in the municipality of Novo Mundo in the state of Mato Grosso, Brazil. The Buracão gold project includes two mineral process and rights is comprised of 3,995 Ha located at the border between the states of Tocantins and Goiás, Brazil. ISON do Brasil has now successfully won the rights to acquire four additional mineral processes in a recently concluded round of auctions held by the Brazilian National Mining Agency (the “ANM“). These additional exploration properties will increase ISON’s total land position in Brazil by 63% to 33,850 Ha. Of particular significance is the 8,701 Ha area located in the highly prospective Alta Floresta Gold Province, the same region where ISON do Brasil has its Novo Mundo gold project. This mineral process was historically explored by Mineração Santa Elina until 2010, which included mapping, soil and rock geochemistry, trenching, geophysics and diamond drilling. ISON is in the process of requesting the historical data from the ANM and will provide an update when the historical results have been validated. The three other mineral processes would represent ISON’s entry into the State of Pernambuco. The mineral processes are in a region where other companies have a presence including Vale S.A, Codelco, Nexa and Bemisa.

In order maintain its rights in the four additional mineral processes, ISON must make an aggregate payment of approximately US$118,400 to the ANM on or before December 1, 2021. In order to be able to fund this payment and other operational expenses pending completion of the RTO, ISON has arranged a loan of US$150,000 (the “Loan“) from eShippers. ISON will pay simple interest on the principal amount of the Loan at an annual interest rate of 5%, calculated monthly in arrears and continuing until the maturity date. The Loan must be repaid on or before March 31, 2022, provided however, that if the RTO has not been completed by March 31, 2022, then the maturity date shall be extended to May 31, 2022. As support for all indebtedness and liability of ISON to eShippers, each of ISON do Brasil and Resmin Pte Ltd. (“Resmin“) shall provide corporate guarantees for the Loan. In addition, Resmin shall provide a general security agreement to eShippers with a first ranking security interest over all of the tangible and intangible property and assets of Resmin. Resmin’s assets include, among other things, beneficial ownership pf 36,311,500 ordinary shares of ISON, representing approximately 61.2% of the issued and outstanding shares in the capital of ISON. The provision of the Loan remains subject to the satisfaction or certain conditions precedent including the approval of the TSX Venture Exchange and the delivery of all Loan documentation in a form satisfactory to eShippers, acting reasonably.

In addition to the Loan, as previously announced, eShippers will undertake a non-brokered private placement of up to 4,285,714 units of eShippers at a post-Consolidation price of $0.35 per unit for gross proceeds of up to $1,500,000 (the “Concurrent Financing“). The Concurrent Financing is expected to be completed concurrently with or immediately prior to the closing of the RTO. Each unit will consist of one common share of eShippers and one-half of one warrant. Each whole warrant will be exercisable to acquire one common share at an exercise price of $0.50 for a period of 24 months from the date of issuance; provided, however, that if, following the closing date of the RTO, the volume-weighted average trading price of the common shares on the TSX Venture Exchange is equal to or greater than $0.75 for any 10 consecutive trading day period, ‎the Resulting Issuer may, upon providing written notice to the holders of the warrants, accelerate the ‎expiry date of the warrants to the date that is 30 days following the date of such ‎notice. eShippers may pay a cash finder’s fee of up to 7% of the gross proceeds raised under the Concurrent Financing to eligible parties, all in accordance with the policies of the Exchange.

Further details about the RTO, including further particulars of the business of ISON and the Resulting Issuer, will be provided in subsequent press releases as required by the Exchange, as well as a filing statement ‎of eShippers to be prepared and filed in respect of the RTO.

All information contained in this press release with respect to eShippers and ISON was supplied for inclusion herein by the respective parties and each party and its directors and officers have relied on the other party for any information concerning the other party.

Trading of the common shares of eShippers has been halted and will not resume until completion of the RTO. Issuance of the Final Exchange Bulletin and the resumption of trading in the ‎Resulting Issuer’s shares on the Exchange remains subject to the completing of customary filings ‎required by the policies of the Exchange.‎

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Completion of the RTO is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange requirements, majority of the minority shareholder approval. Where applicable, the RTO cannot close until the required shareholder approval is obtained. There can be no assurance that the RTO 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 RTO, any information released or received with respect to the RTO may not be accurate or complete and should not be relied upon. Trading in the securities of eShippers should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed RTO and has neither approved nor disapproved the contents of this press release.

For further information please contact Leah Hodges, Corporate Secretary of eShippers, by email at [email protected] or by phone at (604) 377-0403.

Notice on Forward-Looking Information

Information set forth in this news release contains forward-looking statements. These statements reflect management’s current estimates, beliefs, intentions and expectations regarding the future, including, but not limited to, eShippers’s completion of the RTO, the Concurrent Financing and related transactions, the proposed directors and officers of the Resulting Issuer, the conditions to be satisfied for the completion of the RTO, the filing of eShippers’ filing statement, and the resumption of trading. Such statements are not guarantees of future performance. They are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of eShippers. Such factors include, among other things: the requisite corporate approvals of the directors and shareholders of the parties may not be obtained; the Exchange may not approve the RTO; sufficient funds may not be available or raised pursuant to any concurrent financing; and other risks that are customary to transactions of this nature. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits eShippers will obtain from them. Except as required under applicable securities legislation, eShippers undertakes no obligation to publicly update or revise forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the ‎policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this ‎release.‎

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/104496

Fintech

Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)

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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

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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:

  1. Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
  2. 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.
  3. Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
  4. 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.

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SPAYZ.io prepares for iFX EXPO Dubai 2025

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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.

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Airtm Enhances Its Board of Directors with Two Strategic Appointments

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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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