Today's News |
Vancouver-based Crypto Company WonderFi Announces Closing Of its Bitbuy Acquisition
Friday, March 25, 2022Company Profile | Follow Company
Vancouver, BC, March 25, 2022--(T-Net)--WonderFi Technologies Inc. (NEO: WNDR; OTC: WONDF) today announced that it has closed the previously announced acquisition of First Ledger Corp., the parent company of Bitbuy Technologies Inc., a leading cryptocurrency platform and the first approved crypto marketplace in Canada.
Michael Arbus, CEO of Bitbuy commented: "the combination of Bitbuy, Canada's largest approved crypto trading marketplace, and WonderFi's decentralized product line-up creates an innovative experience for our Clients, and a globally competitive platform, positioned to enter new markets."
Ben Samaroo, Chief Executive Officer & Director, WonderFi
"The integration of WonderFi and Bitbuy is a huge step forward in our mission of democratizing finance through easy and secure access to DeFi and crypto," said Ben Samaroo, CEO of WonderFi. "A licensed marketplace serves as a crucial gateway to the digital asset economy, and facilitates a robust end-to-end, unified client experience.
Kevin O'Leary, Strategic Investor, WonderFi
Kevin O'Leary, globally renowned investor, ambassador and strategic advisor to WonderFi commented: "this is a combination of two management teams with excellent executional skills that now have the bandwidth, assets and licenses to provide an institutional grade compliant crypto platform to investors interested in exposure to centralized and decentralized financial services."
Key Transaction Benefits
Transaction Details
Under the terms of the Acquisition, among other things, the Company acquired all of the issued and outstanding shares of FLC.
The consideration paid to former shareholders of FLC consisted of 70 million newly issued common shares of WonderFi, most of which were subject to certain lock-up requirements, $20 million in upfront cash and $30 million in deferred cash via a vendor-takeback note due in 12 months, which is subject to a working capital adjustment.
A portion of the deferred cash was included in the upfront cash payment pursuant to the terms of the definitive agreement with respect to the Acquisition, available on the Company's SEDAR profile at www.sedar.com.
Other Matters
The Company will issue 450,000 Common Shares to each of LDL Corp. and O'Leary Productions Ltd. for strategic growth, merger and acquisition and capital market advisory services provided to the Company and 100,000 Common Shares to Nancy Cheung for public relations and media advisory services, through the period ending July 31, 2022.
In a press release dated February 4, 2022, the Company announced that certain officers and directors of the Company intended to sell an aggregate of 500,000 Common Shares, on a block trade, prospectus-exempt basis, for total gross proceeds to the Selling Shareholders of $1.2 million. The officers and directors decided not to proceed with such sale, and accordingly no sale of shares occurred.
ABOUT WONDERFI
WonderFi is a leading technology company with the mission of creating better access to digital assets through compliant centralized and decentralized platforms. WonderFi has a multi-pronged business strategy which includes a high-growth consumer finance app which will serve as a trusted gateway to the new financial system, and a digital asset portfolio which consists of leading crypto and DeFi assets.
WonderFi's executive team and Board of Directors have an established track record in finance and crypto, with previous experience at Amazon, Shopify, PayPal, Galaxy Digital and Hut 8. WonderFi's core team of engineers and technologists believe that everyone should have equal access to finance, and are aligned in the mission to empower people around the world to access DeFi in a simple, smart and secure way.
ABOUT BITBUY
Bitbuy is a Canadian owned and operated digital asset marketplace, and the first licensed crypto marketplace in Canada. Bitbuy's mission is to provide its clients the best global prices, the deepest liquidity, and the most digital asset products in Canada with a convenient, dependable, and secure platform. Bitbuy is proudly registered as a restricted dealer and is Canada's first registered digital asset marketplace in Canada. Bitbuy's head office is in downtown Toronto, with over 85 employees.
In addition to its registration as a Marketplace and Restricted Dealer, Bitbuy is also registered with FINTRAC as a Money Services Business under the Virtual Asset Service Provider category. Bitbuy was founded in 2016 and is currently one of Canada's largest cryptocurrency platforms by trading volume. Bitbuy offers crypto trading services to beginners, advanced traders, and corporations making it The crypto destination of investors.TM
Forward-Looking Information and Statements This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. [ MORE ] |
Other Recent Company News |
|||||||||||||||||||
|