VANCOUVER, June 22, 2018 /CNW/ - In connection with the acquisition by FogChain Corp. (CSE: FOG) ("FogChain" or the "Company") of the RadJav rapid application development platform and other related assets ("RadJav") on June 7, 2018, in a transaction valued at USD$5,000,000 (CAD$6,486,000), Higher Edge Software, LLC ("Higher Edge"), one of the vendors of RadJav, was issued 8,236,842 common shares of the Company (the "Common Shares") at a deemed value of CAD$0.615 per Common Share, representing approximately 11.71% of FogChain's 70,343,098 issued and outstanding Common Shares.
The Common Shares are held by Higher Edge for investment purposes. Depending on market and other conditions, Higher Edge may, directly or indirectly, acquire ownership or control over additional shares of FogChain, through market transactions, private agreements or otherwise, in accordance with applicable securities legislation. Depending on market and other conditions, Higher Edge may sell any of their shares of the Company.
This press release is issued pursuant to the early warning requirements of National Instrument 62‑103 and National Instrument 62-104, which requires an early warning report to be filed with the securities regulatory authorities in each of the jurisdictions containing additional information with respect to the foregoing matters. A copy of the early warning report will be filed under the Company's SEDAR profile at www.sedar.com.
SOURCE Higher Edge Software, LLC
For further information: c/o FogChain Corp., James Cerna, Chief Executive Officer, Email: [email protected]