Toronto, Ontario–(Newsfile Corp. – November 22, 2022) – Woodbridge Ventures II Inc. (TSXV: WOOD.P) (“Woodbridge” or the “Company“), a capital pool company as defined under TSX Venture Exchange (“TSXV” or the “Exchange“) Policy 2.4 – Capital Pool Companies, is pleased to announce that it has entered into a non-binding letter of intent dated November 17, 2022 (the “LOI“) with Sparq Naturals, Inc. (“Sparq“), a corporation existing under the laws of the State of Delaware, whereby Woodbridge and Sparq will complete an arrangement, amalgamation, share exchange, or similar transaction to ultimately form the resulting issuer (the “Resulting Issuer“) that will continue on the business of Sparq (the “Transaction“), subject to the terms and conditions outlined below. Woodbridge intends that the Transaction will constitute its Qualifying Transaction, as such term is defined in the policies of the Exchange.
Woodbridge completed its initial public offering in November 16, 2021. The common shares of Woodbridge (the “Woodbridge Shares“) are listed for trading on the TSXV under the stock symbol “WOOD.P”. Woodbridge has not commenced commercial operations and has no assets other than cash. Woodbridge was incorporated under the laws of the Province of Ontario.
Sparq manufactures inhalation devices that promote wellness by trading in nicotine and harmful chemicals for lab-tested, health-focused formulations that include vitamins, amino acids, botanicals and natural flavoring. Sparq’s products were born out of the desire to offer consumers an entirely new and guilt-free genre of nicotine-replacement products. Sparq is a private company and was incorporated under the laws of the State of Delaware on July 9, 2015.
The LOI was negotiated at arm’s length and is effective as of November 17, 2022. None of the current directors or officers of Woodbridge hold any director or management position with Sparq. The Transaction does not constitute a Non-Arm’s Length Qualifying Transaction, and the approval of the shareholders of Woodbridge will not be required. In the event that approval from the shareholders of Sparq is required, such approval will be sought as a condition to the closing of the Transaction.
The material terms and conditions outlined in the LOI are non-binding on the parties and the LOI is, among other things, conditional on the execution of a definitive agreement (the “Definitive Agreement“) to be negotiated between the parties. It is currently anticipated that, immediately prior to the completion of the Transaction, Woodbridge will effect a share consolidation (the “Consolidation“) on a basis to be determined.
The LOI contemplates that as a condition of closing, Sparq will complete a private placement of subscription receipts (or similar security) at a price per subscription receipt to be determined in the context of the market, at a price and offering size to be determined by Sparq, acting reasonably, and conform to the minimum requirements as required by the TSXV for qualifying as a Qualifying Transaction and subsequent trading on the TSXV (the “Concurrent Equity Offering“). Sparq may acquire additional businesses, conduct additional financings or enter into strategic agreements, including but not limited to agreements with consultants, directors, officers, employees or third party service providers, that are accretive to or in the best interests of the business of Sparq (collectively, the “Pre-Closing Transactions“) and may, pursuant to the Pre-Closing Transactions, issue additional Sparq Shares or securities convertible into Sparq Shares. It is currently the understanding of Woodbridge that Sparq expects to conduct additional financings prior to the completion of the Transaction that would be up to a maximum of USD$1 Million and complete the Concurrent Equity Offering.
Immediately prior to the Transaction, Woodbridge will, if so requested by Sparq, effect a Consolidation at a ratio per outstanding Woodbridge Share (the “Consolidation Ratio“) such that the number of Woodbridge Shares shall be issued and outstanding prior to completion of the Transaction will conform to the capital strategy of Sparq. Pursuant to the Transaction, post-Consolidation Woodbridge Shares, in an amount and in a ratio to be determined, will be issued in exchange for outstanding common shares of Sparq (such ratio being the “Exchange Ratio“). The Exchange Ratio will be determined once the proportionate ownership of the Resulting Issuer has been established by the parties. The value of Woodbridge has been established at $1.5 million.
The LOI contemplates that the Transaction will be completed no later than May 31, 2023, or such other date as may be mutually agreed to in writing between Woodbridge and Sparq. There can be no assurance that a Definitive Agreement will be successfully negotiated or entered into, or that the Concurrent Equity Offering or Pre-Closing Transactions or the Transaction will be completed.
Conditions to the Transaction
Completion of the Transaction is subject to a number of conditions, including but not limited to, acceptance by the TSXV, approval of certain matters by the holders of the Woodbridge Shares and other customary conditions including:
- completion of the Concurrent Equity Offering and Pre- Closing Transactions;
- entry into the Definitive Agreement on or before February 28, 2023;
- receipt of all director, shareholder, third party and requisite regulatory approvals (including Sparq shareholder approval) relating to the negotiation and execution of a Definitive Agreement in respect of the Transaction and as may be contemplated by the Definitive Agreement;
- preparation and filing of a disclosure document, as required by the TSXV, (the “Disclosure Document“) outlining the definitive terms of the Transaction and describing the business to be conducted by Woodbridge following completion of the Transaction, in accordance with the policies of the TSXV;
- receipt by the TSXV of a Sponsor Report (as defined in the policies of the TSXV), if required, satisfactory to the TSXV; and
- completion of the Consolidation.
There can be no assurance that the Transaction will be completed as proposed or at all.
Woodbridge intends to make an application for exemption from the sponsorship requirements of the TSXV in connection with the Transaction, however there is no assurance that the TSXV will exempt Woodbridge from all or part of applicable sponsorship requirements.
Woodbridge also announces that Carey Berdock has been appointed as a director of the Company as of November 15, 2022. Mr. Berdock is the Market Manager for Crawford Packaging. Mr. Berdock brings broad experience in sales and negotiation, serving as Canadian Director of Sales and Business Development for Bunzl Canada. Mr. Berdock fills the vacancy created by David Tsubouchi who has resigned as a director of the Company to focus on other ventures.
Woodbridge will provide further details in respect of the Transaction, the Concurrent Equity Offering and Pre-Closing Transactions by way of updating press releases as the Transaction advances, in accordance with the policies of the TSXV.
All information contained in this press release with respect to Woodbridge and Sparq (but excluding the terms of the Transaction) was supplied by the parties respectively, for inclusion herein, without independent review by the other party, and each party and its directors and officers have relied on the other party for any information concerning the other party.
Completion of the Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable pursuant to TSXV requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. 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 Disclosure Document to be prepared in connection with the Transaction, any information released or received with respect to the 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 Transaction and has neither approved nor disapproved the contents of this press release.
Trading in the listed securities of the Company will remain halted pursuant to Policy 5.2 Section 2.5/ Policy 2.4 Section 2.3(b).
For further information, please contact:
Raphael Danon, President, CEO & Director
Phone: (416) 884-0840
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements“) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this press release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected” “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”. “estimates”, “believes” or intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this press release, forward-looking statements relate, among other things, to: the Transaction and certain terms and conditions thereof; the business of Sparq; the negotiation and completion of the Definitive Agreement; the terms and completion of the Concurrent Equity Offering; the board of directors and management of the Resulting Issuer upon completion of the Transaction; the Consolidation of Woodbridge Shares; the Exchange Ratio, TSXV sponsorship requirements and intended application for exemption therefrom; shareholder, director and regulatory approvals; and future press releases and disclosure.
The forward-looking statements contained in this news release are based on current expectations, estimates, projections and assumptions, having regard to Sparq and Woodbridge’ experience and their perception of historical trends, and includes, but is not limited to, expectations, estimates, projections and assumptions pertaining to Sparq’s business and Sparq and Woodbridge’ ability to continue as going concern. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information, including but not limited to: any risks related to the uncertainties surrounding the duration and the direct and indirect impact of the COVID-19 pandemic and general economic conditions, including rising interest rates and inflation, on the business, operations and financial condition of Sparq, as well as on consumer behavior and the economy in general, including the ability to enforce leases, perform capital expenditure work, increase rents, raise capital through the issuance of common shares or other securities of Sparq and/or the Resulting Issuer and obtain mortgage financing on Sparq’s properties; labour availability; changes to regulatory environment; armed hostilities and geopolitical conflicts; failure to obtain necessary regulatory, corporate and third party approvals in a timely fashion, or at all. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
The forward-looking information contained in this press release represents the expectations of Sparq and/or Woodbridge as of the date of this press release and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Woodbridge does not undertake to update this information at any particular time except as required in accordance with applicable laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145340
Stockify goes fully Digital, offers Mutual Funds and Dematerialization of shares
In a strategic move to expand its offerings and provide a comprehensive suite of financial services, Stockify, a leading platform for Unlisted and pre-IPO shares in India, has announced plans to venture into the Mutual Fund space.
This development comes as part of Stockify’s mission to assist High-Net Individuals (HNIs) and Non-Resident Indians (NRIs) in accessing various investment opportunities in India via the pre-IPO route and maximizing their wealth. The company is also set to facilitate the Dematerialization of Shares. (Conversion of Physical Share to DEMAT account.)
Founded by Piyush Jhunjhunwala (CA, CPA) and Co-Founded by Rahul Khatuwala (CA) both seasoned finance professionals with decades of experience in global conglomerates.
Stockify has already carved a niche for itself in the Indian Financial landscape. The platform primarily focuses on providing access to Blue-Chip Stocks before their listing on the Indian Stock Market (via the Pre IPO Route) enabling early investors to potentially achieve significant returns. While expressing the company’s intent behind expanding its services, Jhunjhunwala said, “Mutual Funds are the backbone of the Indian Equity market, and we believe it is important that NRI and retail investors in India can greatly benefit from our new offering and this will help them in creating long-term wealth.”
The recent announcement of Stockify entering the Mutual Funds market follows the company’s successful acquisition of a Mutual Fund license in the first quarter of 2023. Alongside Mutual Funds, Stockify intends to offer an array of other financial products, like Start-up Funding, fixed investment products like Bonds and Non-Convertible Debentures (NCDs) and Insurance-Linked Investments, in the coming months. Notably, Stockify plans to make all its products and services 100% accessible online, aligning with the Digital India vision of our beloved Prime Minster Mr. Narendra Modi.
Currently, Stockify boasts 70 Unlisted/pre-IPO companies on its platform, with in-depth research conducted on all of them as stated by Jhunjhunwala. It offers a simple online process where transactions can be completed online, and shares get transferred to the clients DEMAT account on the same day.
Stockify’s global presence was recently showcased at the Dubai Fintech Summit (DFS). The two-day event brought together over 5,000 C-suite leaders, 1,000-plus investors, and 150 speakers from around the world. Stockify was selected as one of the proud exhibitors at the summit, solidifying its position as one of the world’s largest providers of pre-IPO and Unlisted Stocks in India.
With its ambitious expansion plans and commitment to innovation, Stockify is set to continue revolutionizing the way investors access and engage with financial opportunities in India and beyond.
VerifyVASP Wins Hong Kong’s IFTA Fintech and Innovation Awards 2022/23: Regulatory Technology Award
VerifyVASP was awarded the Institute of Financial Technologists of Asia (IFTA) Fintech and Innovation Awards 2022/23 for Regulatory Technology. The awards exhibit the extraordinary achievements made by companies and individuals in the finance and technology industries.
The IFTA Awards, themed “Game Changers: The Rise of Next Gen Fintech”, celebrates ground-breaking ideas and technologies that are shaping the future of finance. The distinguished Guest of Honour presenting the IFTA awards was the Under Secretary for Financial Services and the Treasury for Financial Services in the Hong Kong SAR, Mr. Joseph Ho-Lim Chan.
VerifyVASP has established itself as a comprehensive Travel Rule solution provider catering to Virtual Assets Service Providers (VASPs) worldwide. Its commitment to facilitating full compliance with Travel Rule regulations across multiple jurisdictions has earned it this prestigious recognition.
This accolade comes at an opportune time, as VerifyVASP supports the Hong Kong Virtual Asset Trading Platforms (VATPs) in adhering to the regulatory framework set forth by the Hong Kong Securities & Futures Commission, which came into effect on 1 June 2023. VATPs are granted a grace period till 1 January 2024 to ensure compliance with Travel Rule requirements.
The IFTA Fintech and Innovation Award underscores VerifyVASP’s capabilities, including:
- Facilitation of counterparty due diligence: VerifyVASP assists VASPs in counterparty due diligence before the first transaction, to stringent standards akin to that observed in correspondent banking. This is achieved through VerifyVASP’s own rigorous due diligence process, encompassing over 100 VASPs.
- Immediate and secure transmission: Leveraging a scalable architecture, VerifyVASP ensures immediate and secure transmission of required information, alongside verification of such information. To date, the platform has processed over 5 million transfers.
- Adherence to international data protection laws: VerifyVASP complies with international data protection law thanks to its decentralised, end to end encrypted architecture. This dedication to data security and privacy sets it apart in the industry.
- Asset agnostic: VerifyVASP’s capabilities extend to accommodating any type of virtual asset, having processed over 400 cryptocurrency variants on its platform.
- Integration of third-party screening solutions: VerifyVASP seamlessly integrates third-party solutions, allowing for efficient screening of originators or beneficiaries before blockchain transactions.
SOURCE VerifyVASP Pte Ltd
Nagad’s Digital Bank on cards, Sadaf to lead the side
Nagad, Bangladesh’s leading Mobile Financial Service (MFS) provider, is gearing up to establish the much-anticipated digital bank, as it is going to secure a licence from the Bangladesh Bank within a couple of months.
Sadaf Roksana, a co-founder and executive director of Nagad Ltd., has been entrusted with the responsibility of leading her company’s transformative venture that will bring greater convenience to the lives of millions of Bangladeshis, reducing their reliance on traditional brick-and-mortar banks.
The MFS provider earlier applied to secure a digital bank licence following the central bank’s call for applications through its website. The Bangladesh Bank also formulated necessary guidelines to widen and accelerate financial inclusion, which will also create jobs for young IT workers.
The world’s fastest mobile money carrier is going to venture into the digital banking era at a time when the financial landscape across the globe is fast evolving towards digitalisation, driven by technological advancements and changing consumer preferences.
Taking on the new assignment, Sadaf, a seasoned financial executive with a remarkable track record in the fintech industry, is poised to steer Nagad’s digital bank towards success. Once Nagad gets the digital bank licence, it will provide its consumers with innovative and convenient banking solutions.
“We are very excited that we are going to introduce digital banking services to the people of Bangladesh within a couple of months,” Sadaf said, adding, “This endeavour aligns perfectly with our vision of enhancing financial inclusion and ensuring easy access to all financial services also at affordable prices.”
Nagad is already well-equipped to launch a digital bank. It will start serving customers soon after getting the licence, Sadaf assured.
Under its digital banking platform, Nagad will introduce many new services, such as single-digit and collateral-free loans for small informal businesses and farmers who now are to take loans from moneylenders even at 40% interest rate per day, she pointed out.
“Thus, we will encourage them to come under financial inclusion, thus putting their money into the formal channel,” she expressed her optimism.
To assess one’s creditworthiness, Nagad has created an AI-based credit rating system that will analyse all transactions-related data available on public domains using one’s NID and mobile number, Sadaf Roksana added.
As Nagad goes ahead with its plans, all eyes will be on Sadaf Roksana and her team as they will embark on this exciting journey towards a more digitised and inclusive financial future for the country.
SOURCE Nagad Limited
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