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VANCOUVER, Jan. 17, 2018 /CNW/ - Neptune Dash Technologies Corp. ("Neptune Dash" or the "Company") (TSX.V: DASH) is pleased to announce that it has completed the previously announced amalgamation (the "Amalgamation") with Crossroad Ventures Inc. ("Crossroad").
The Amalgamation was completed pursuant to an amalgamation agreement between Neptune Dash Nodes Corp. ("Neptune"), Crossroad and NEMI Northern Energy & Mining Inc. dated December 1, 2017 (the "Amalgamation Agreement"), pursuant to which each common share of Neptune and each common share of Crossroad was exchanged for a common share of the Company, as the resulting issuer.
Conversion of Debentures
Immediately prior to completion of the Amalgamation, Neptune's outstanding unsecured convertible debentures with a principal amount of $1,000 each issued upon closing of Neptune's financing, as described in its December 4, 2017, December 7, 2017, December 22, 2017 and January 11, 2018 news releases, automatically converted into common shares of Neptune and were subsequently exchanged for common shares in the capital of the Company.
Capital of the Company Following the Closing
Following completion of the Amalgamation, an aggregate of 80,193,329 common shares of the Company are issued and outstanding. For further information see the Listing Application of the Company dated January 15, 2017 available on www.sedar.com.
Stock Symbol and Commencement of Trading
The TSX Venture Exchange ("TSXV") provided conditional acceptance of the Amalgamation, including the listing of the Company as a Tier 1 Technology Issuer on the TSXV on January 11, 2018. The common shares of the Company ("Neptune Dash Shares") will be listed on the TSXV on January 19, 2018 under the symbol "DASH" and immediately halted, with trading expected to commence pending final signoff by the TSXV of the Company's final submissions. The Company expects that the Neptune Dash Shares will recommence trading on the TSXV on or about January 22, 2018.
About Neptune Dash Technologies Corp.
Neptune Dash exclusively builds and operates Dash Masternodes and invests in Dash blockchain related technologies. Dash is a digital currency created to address Bitcoin's scaling challenges. Dash Masternodes facilitate the following functions on the Dash blockchain:
facilitating private, peer-to-peer transactions directly between parties;
serving as a governance function and voting on treasury disbursements of the Dash block-reward allocated to the Dash DAO (Decentralized Autonomous Organization); and
facilitating transactions that are processed near instantly on the Dash blockchain (versus the target three minute block time for average Dash transactions).
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements and information include, but are not limited to, the expected date on which the Neptune Dash Shares will re-commence trading on the TSXV, statements with respect to proposed future transactions the Company may undertake and their expected timing. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out here in, including but not limited to: that the actual use of proceeds may differ from those currently stated; the inherent risks involved in the cryptocurrency and general securities markets; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
SOURCE Neptune Dash Technologies Corp.
For further information: Neptune Dash Technologies Corp., Cale Moodie, President and CEO, 620 - 1155 West Pender Street, Vancouver, BC, V6E 2P4, Phone: (604) 319-6955, Email: [email protected]