Global Care Capital Announces Definitive Agreement for Acquisition of CCM Technologies Inc.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, April 22, 2021 (GLOBE NEWSWIRE) -- Global Care Capital Inc. (CSE:HLTH, FRANKFURT: L6V1) (the “Company” or “Global Care”) a global investment company which engages in early stage investment opportunities in private and public companies, is pleased to announce that further to its press release dated April 6th, 2021 it has entered into a share exchange agreement dated April 21st, 2021 (the “Agreement”) between the Company, CCM Technologies Inc. (“CCM”) and the securityholders of CCM which sets out the terms and conditions for the acquisition by the Company of all of the issued and outstanding securities in the capital of CCM (the “Transaction”). CCM is a cryptocurrency mining company with state-of-the-art ASIC chips.
The material terms of the Transaction are as follows:
- In consideration for the Transaction, and on closing thereof, Global Care will issue an aggregate of 94,170,001 common shares of Global Care (the “Consideration Shares”) to CCM shareholders at a deemed price of $0.11 per Consideration Share and issue to CCM warrantholders an aggregate of 65,000,000 common share purchase warrants (the “Consideration Warrants”)
- Each Consideration Warrant permits the holder thereof to acquire one Global Care common share at a price of $0.05 until March 1, 2023
- There is no hold period for the Consideration Shares or Consideration Warrants pursuant to applicable securities laws.
Closing of the Transaction is subject to, among other things, compliance with all applicable regulatory requirements and receipt of all necessary regulatory, corporate, third-party, board and shareholder approvals being obtained, including the approval of the Canadian Securities Exchange. There can be no assurance that the Transaction will be completed as proposed, or at all. The Transaction is an arms-length transaction and no change in management, or the Board of Directors of Global Care is being contemplated at this time.
The goal of the acquisition is to give Global Care shareholders further exposure to cryptocurrency mining infrastructure, which is the backbone and cornerstone of blockchain technology.
About CCM Technologies Inc.
CCM Technologies Inc. is a digital asset technology company with a focus on providing infrastructure for the blockchain ecosystem and mining of cryptocurrencies.