Toronto, Ontario–(Newsfile Corp. – May 18, 2023) – E Ventures Inc. (the “Company”) announces completion of a non-brokered private placement raising $221,000 and consisting of 110,500,000 common shares at $0.002 per share (“Private Placement“). All securities issued in connection with the Private Placement are subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities legislation. The issued and outstanding shares of the company after the Private Placement consist of 116,340,070 common shares. The Company intends to use the proceeds for the revival of the Company pursuant to the previously announced partial revocation of cease trade order on March 23, 2023.
Mr. Jon Bridgman, a director of the Company, subscribed to $221,000 (110,500,000 common shares). Prior to this transaction, Mr. Bridgman held 525,000 common shares of the Company personally. These shares represented 9% of the previous shares outstanding of 5,840,070. He now exercises control over a total of 111,025,000 common shares, representing approximately 95.43% of the current outstanding common shares of the Company. Mr. Bridgman holds these shares for investment purposes only.
The execution of the Private Placement is a “related party transaction” for purposes of Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. The Company is exempt from the formal valuation requirement in section 5.4 of MI 61-101 in reliance on Section 5.5(b) of MI 61-101 as the Company is not listed on a specified market. Additionally, the Company is exempt from minority shareholder approval requirement in Section 5.6 of MI 61-101 in reliance on Section 5.7(1)(e) of MI 61-101 as the Company is suffering from financial hardship. The Company is insolvent; the Private Placement is for the revival of the Company; the Company is not subject to court approval or court orders that the Private Placement be effected under bankruptcy or insolvency law or section 191 of the Canada Business Corporations Act; the Company has one or more independent directors in respect of the Private Placement; and the Company’s board of directors, acting in good faith, has determined, and at least two-thirds of the Company’s independent directors, acting in good faith, has determined that the Company is insolvent and in need of improving its financial position and the terms of the Private Placement are reasonable in the circumstances of the Company.
The Private Placement was approved by the board of directors pursuant to a directors’ resolution dated May 15, 2023. The Company did not have a formal process for the review and approval of the Private Placement. Due to the size of the Company and the financial hardship, the directors, other than Mr. Jon Bridgman, approved the Private Placement. The Company does not have any valuation or prior valuations that relate to the subject matter of or is otherwise relevant to the Private Placement. The Company did not file a material change report more than 21 days before the expected closing of the Private Placement because the details of the transaction were not settled until shortly prior to the closing and the Company wished to close on an expedited basis for business reasons.
The Company will file a material change report on SEDAR in respect of the Private Placement, a copy of which will be sent by the Company to any shareholder upon request and without charge. Contact [email protected] for information on the Private Placement.
Changes to Officers and the Board of Directors
Effective April 12, 2023, Mr. Edward Murphy and Mr. Ray Kolynchuk were appointed as directors of the Company. Mr. Jon Bridgman (since February 3, 1999) and Mr. Keith Roberts (since November 30, 1999) remain as directors. Previous directors, Joel Wagman, Edward Newell, Georganne Greenstein, David Luciuk, Robert Moore and George Berger, all resigned effective December 24, 2007. Mr. Joel Wagman resigned as CEO effective December 24, 2007. The current CEO is Mr. Jon Bridgman, effective February 26, 2013 and the current CFO is Mr. Keith Roberts, since November 30, 1999.
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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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