Vancouver, British Columbia--(Newsfile Corp. - March 10, 2023) - MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) ("MineHub" or the "Company") Further to the Company's earlier news release dated March 2, 2023 between Waybridge Technologies Inc. ("Waybridge") and MineHub, the Company is pleased to announce that the parties have closed the asset purchase agreement (the "Purchase Agreement").
Under the terms of the Purchase Agreement, MineHub issued 8,176,634 common shares (the "MineHub Shares") at a deemed price per share of CDN$0.4345 for aggregate consideration of CDN$3,552,747. The MineHub Shares were issued to Waybridge, with the expectation that the MineHub Shares be transferred to accredited investor stockholders of Waybridge following closing. The MineHub Shares bear a Canadian securities law hold period of four months and one day from the date of issuance and the Purchase Agreement provides for an additional contractual restriction, such that the MineHub Shares are restricted from transfer from the closing date and released in tranches, such that 12.5% of such MineHub Shares are released each quarterly period from the closing date. MineHub received the requisite TSX Venture Exchange ("TSXV") approval to complete the purchase of the assets and issue the MineHub Shares, subject to final filing requirements with TSXV.
About MineHub Technologies
MineHub is an enterprise-grade platform connecting all parties along the physical commodities supply chain. The MineHub platform replaces existing processes in which thousands of data interactions and scores of documents are shared amongst counterparties by fax, phone and e-mail. By digitizing the complex workflow among participants in a physical commodity transaction, MineHub brings efficiency and security to the mining and metals supply chain. MineHub allows firms to create data that is useable, shareable, verifiable and unforgeable. Global enterprises already use MineHub as part of their logistics, compliance, trade management and financing operations.
Arnoud Star Busmann
CEO, MineHub Technologies Inc.
Cautionary Note Regarding Forward-Looking Statements
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 release.
This news release contains statements that are considered "forward-looking information" within the meaning of applicable Canadian securities legislation ("forward-looking statements") with respect to MineHub including, but not limited to, statements with respect to MineHub's future operational plans, the timing of such plans and anticipated customers. Forward-looking statements are statements that are not historical facts are generally, but not always, identiﬁed by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although MineHub believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company's ability to raise suﬃcient capital to fund its operations, applications and for general working capital purposes, changes in economic conditions or ﬁnancial markets, changes in laws or regulations that could have an impact on the Company's operations, dependence on its key management personnel and market competition. Other risk factors are identified in the Company's management discussion and analysis, available on the Company's SEDAR profile at www.sedar.com. There may be other risk factors not presently known that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements.
Although the Company has attempted to identify risk factors that could cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. The forward-looking information is made as of the date included herein, and the Company assumes no obligation to publicly update or revise such forward-looking information. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of MineHub's management on the date the statements are made. However, except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/157942