DeepMarkit Announces Increase in Offer Size, Transaction Update and Engagement of Meadowbank Strategic Partners
Calgary, Canada – The press wire – December 17, 2021 – DeepMarkit Corp., (“DeepMarkit“or the”Society“) (TSXV: MKT) is pleased to announce that it has increased its non-intermediary oversubscribed private placement offering (the âPrivate Placementâ), previously announced on November 23, 2021, by a maximum of 4,000,000 units (âUnitsâ). ) a maximum of 4,500,000 Units for total gross proceeds of up to $ 2,250,000. Each unit is priced at $ 0.50 and includes one common share of the capital of the Company (each, a âcommon shareâ) and one common share purchase warrant (each, a âwarrantâ). Each warrant will allow its holder to purchase one additional common share of DeepMarkit at an exercise price of $ 1.25 for a period of three (3) years from the date of issue of the units.
DeepMarkit may pay a finders commission of up to 7% issued in cash or common stock, and 7% compensation warrants to eligible discoverers in connection with the issue and sale of all or part units within the framework of the private placement. The net proceeds of the private placement will be used to fund the continued business and operations of DeepMarkit’s business (for which it is estimated that approximately 40% of the net proceeds will be allocated), as well as the operations of First Carbon Corp. . (“FCC”), assuming the Company completes the previously announced acquisition of all of the common shares of FCC (the “Acquisition”) (for which it is estimated that approximately 60% of the net proceeds will be allocated). The common shares and warrants issued in connection with the private placement will be subject to a four month hold period required under applicable securities laws. The closing of each of the Private Placements and Acquisitions is not conditional on the completion of the other.
The Company expects the private placement to close at the same time as the acquisition, unless the TSX Venture Exchange authorizes earlier (the âExchangeâ). The Private Placement remains subject to acceptance by the Stock Exchange.
DeepMarkit and FCC have negotiated and settled the terms of the share purchase agreement under which the acquisition will be completed (the “Final agreementThe definitive agreement will come into effect once it has been signed by all of the selling shareholders of FCC, which is expected to be before December 31, 2021. The acquisition remains subject to acceptance by the Exchange. Readers are referred to the Company’s press release dated November 23, 2021, for more information on the Acquisition. A more comprehensive press release will be issued by DeepMarkit, disclosing details of the acquisition, including information about the FCC director nominee and other information relating to the acquisition. Trading in DeepMarkit common stock is currently halted. While there is no certainty that the common shares of the Company will resume trading until the acquisition is completed and approved by the Exchange, the Exchange may allow trading to resume after considering the initial filings. of DeepMarkit regarding the acquisition.
The Company is also pleased to announce that it has entered into an agreement with Calgary-based Meadowbank Strategic Partners Inc. (âMeadowbankâ or the âCouncilâ) to provide investor relations, market advisory services. capital and business development. The agreement between the company and the consulting firm is for an initial term of 12 months, effective December 14, 2021, for a minimum cash amount of $ 7,500 per month plus GST. Neither Meadowbank nor any of its directors and officers currently owns any securities of the Company or any right to acquire any securities of the Company. Meadowbank has not obtained any interest or option to acquire any securities of the Company, and the fees payable to the Board will be paid from the available working capital of the Company. Meadowbank is an arm’s length party to the Company. The contract is subject to any necessary approval by the Exchange.
FCC is a software infrastructure company operating in the blockchain tokenization vertical. FCC’s main asset, MintCarbon.io, is a web-based SaaS platform that facilitates the transformation of carbon credits into resalable tokens. MintCarbon.io is currently in beta testing and FCC is planning an official launch in the first quarter of 2022.
DeepMarkit is a technology company focused on creating new tools and technologies to help businesses grow sales and increase profitability.
DeepMarkit common stock is publicly traded, symbol MKT.
For more information please contact:
Phone. : 403-537-0067
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
The statements contained in this press release may contain forward-looking information. All statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including statements relating to the completion of the Acquisition and the expected timing of receipt of all approvals from the shareholders and regulators, the private company Placement and the expected time of closing thereof, and the use of the proceeds of the Private Placement. The reader is cautioned that the assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, due to many known and unknown risks, uncertainties and other factors, many of which are beyond the control of DeepMarkit. Factors that could cause actual results to differ materially from forward-looking statements include, but are not limited to, failure to obtain necessary approvals from FCC shareholders and regulatory authorities required for the acquisition, l ‘inability to complete the private placement or failure to complete the Acquisition on the terms offered, or not at all. The reader is cautioned not to place undue reliance on forward-looking information. Completion of the Acquisition is subject to a number of conditions including, but not limited to, the execution of the Definitive Agreement and acceptance by the Exchange.
The forward-looking statements contained in this press release are made as of the date of this press release and DeepMarkit assumes no obligation to publicly update or revise any forward-looking statements included, whether as a result of new information, events future or otherwise, except as required by securities law.
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