BULLETIN V2023-0284
POPREACH CORPORATION ("INIK")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: December 14, 2023
TSX Venture Tier 1 Company
TSX Venture Exchange has accepted for filing documentation pertaining to a draft Asset Contribution and Acquisition Agreement (the "Agreement"), dated November 20, 2023, among the Company, Shift44, Inc., a Company's subsidiary organized under the laws of New York (the "Subsidiary"), and several arm's length parties (the "Vendors"), whereby the Company acquired, through the Subsidiary, all assets of S44 LLC, a lead generation and performance marketing platform (the "Target").
Under the terms of the Agreement, the Company has agreed to acquire the Target in exchange for the following consideration:
1. up to US$17,750,000 cash payment;
2. issuance of up to 4,790 Class B non-voting shares of the Subsidiary, exchangeable into up to 44,250,020 common shares of the Company at any time;
3. issuance of up to US$16,750,000 principal amount non-interest bearing convertible debenture, convertible at any time at the holder's option into the Company's common shares at US$0.78 per common share until maturity on November 30, 2026;
4. assumption of US$1,000,000 of current liabilities of the Target.
For further details, please refer to the Company's news release dated November 20, 2023.
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