Aim Explorations Ltd. Announces Financing by Canaccord Genuity Corp.
VANCOUVER, Nov. 13, 2017
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Nov. 13, 2017 /CNW/ – Aim Explorations Ltd. (TSX-V: AXN.H) (“AIM” and/or the “Company“), a capital pool company, is pleased to announce that DMG Blockchain Solutions Inc. (“DMG“) and the Company have engaged Canaccord Genuity Corp. (the “Canaccord“) to act as lead agent and sole bookrunner, on its own behalf and on behalf of a syndicate of agents, who have agreed to sell on a commercially reasonable efforts basis through private placement subscription receipts (each, a “Subscription Receipt“) at a price of C$0.80 per Subscription Receipt, subject to the approval by the TSX Venture Exchange (the “Exchange“), for gross proceeds up to C$10,000,000 (the “Offering“). The Offering is being completed in connection with the proposed qualifying transaction (the “Transaction“) between AIM and DMG. The Company and DMG have also granted Canaccord an option to increase the Offering by up to an additional fifteen percent (15%) at any time up to forty-eight (48) hours prior to the Closing Date (as defined below).
Each Subscription Receipt shall entitle the holder thereof to receive, upon satisfaction of the escrow release conditions on or before the escrow release deadline (the “Escrow Release Deadline“), including all conditions precedent to the Transaction being satisfied, and without payment of additional consideration therefor, one common share in the capital of AIM (the “Resulting Issuer“) (each, a “Resulting Issuer Share“). Should the escrow release conditions not be satisfied by the Escrow Release Deadline, the Subscription Receipts will be cancelled and all proceeds from the sale of Subscription Receipts will be returned to subscribers.
It is anticipated that the Transaction will close by December 30, 2017 (the “Closing Date“), subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Exchange. The Resulting Issuer Shares issuable pursuant to the Offering will be subject to a hold period lasting four months and one day following the Closing Date.
DMG and its Business
DMG intends to be the global leader in bitcoin mining hosting (Mining as a Service (MaaS)), and diversified blockchain software development.
DMG is a full service blockchain and cryptocurrency company that manages, operates, and develops end-to-end digital solutions to monetize the blockchain ecosystem.
DMG was incorporated on September 7, 2016 and has operated its transaction verification services business (bitcoin mining) in Western Canada since October 2016. Prior to and after completion of the Transaction, the Resulting Issuer intends to expand its current operations and/or enter into server hosting arrangements for the transaction verification services business.
DMG is also building a blockchain platform for the agricultural sector and other industries reliant on trustworthy supply chain management. DMG provides these industries with end-to-end frictionless trust verifications such as identity management, provenance, automated contract execution and rules compliance—all based on blockchain technology.
See AIM’s news releases dated September 20, 2017, September 27, 2017, and November 6, 2017 for further information about the Transaction, DMG and its business. AIM will issue additional news releases related to the Transaction and related financings and other material information as it becomes available. There can be no assurance that the Transaction will be completed as proposed or at all.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities law and may not be offered or sold in the “United States“, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.