Acana closes acquisition of Blockchain Technology GroupDecember 1, 2017
Acana Capital Corp (4) (C:ACM)
Shares Issued 73,758,877
Last Close 9/14/2017 $0.75
Friday December 1 2017 – News Release
Mr. Lance Morginn reports
BIG BLOCKCHAIN INTELLIGENCE GROUP INC. ANNOUNCES COMPLETION OF ACQUISITION
Big Blockchain Intelligence Group Inc., formerly Acana Capital Corp., has completed its previously announced acquisition of Blockchain Technology Group Inc. In connection with the Transaction, the Company has changed its name to “BIG Blockchain Intelligence Group Inc.”. The Transaction constitutes a “fundamental change” pursuant to Policy 8 Fundamental Changes and Change of Business of the Canadian Securities Exchange (the “Exchange”) and the Company will carry on the business of Blockchain.
The Exchange issued its conditional approval of the Transaction on November 28, 2017. The Company’s common shares (the “Common Shares”) will resume trading on the Exchange under the new ticker symbol “BIGG” after the Exchange’s conditions for listing are satisfied and the Exchange issues its final exchange bulletin confirming the completion of the Transaction. The Company’s Common Shares are anticipated to resume trading next week.
The focus of the Company’s business going forward will be the development and marketing of its principal products QLUE.ioTM, BitRankTM and Blockbits.com.
Additional information in respect of the Company’s business is available in the Company’s listing statement dated November 30, 2017, available under the Company’s profile on www.sedar.com.
Pursuant to the Transaction, the Company issued to the shareholders of Blockchain an aggregate of 37,939,483 Common Shares for all of the issued and outstanding shares of Blockchain. Outstanding Blockchain common share purchase warrants by their terms, and adjusted pursuant to the Share Exchange Agreement, became exercisable for an aggregate of 11,424,520 Common Shares. Outstanding Blockchain options by their terms, and adjusted pursuant to the Share Exchange Agreement, became exercisable for an aggregate of 5,444,695 Common Shares.
With the completion of the Transaction, the Company has 73,758,877 Common Shares issued and outstanding (on an undiluted basis). The principals of the Company collectively hold 25,781,130 Common Shares, all of which are subject to an Escrow Agreement pursuant to the policies of the Exchange.
In connection with the completion of the Transaction, the Company is pleased to announce its board of directors as follows: Shone Anstey, Lance Morginn, Diana Kim Evans, Anthony Zelen, Thomas Kennedy and Robert Birmingham. In addition, the Company is pleased to announce its executive management as follows:
- Lance Morginn – Chief Executive Officer
- Shone Anstey – President and Executive Chairman
- Diana Kim Evans – Chief Financial Officer
Early Warning Disclosure
In connection with the transaction, Mr. Anstey and Mr. Morginn each acquired 9,619,098 and 9,418,172 shares, representing 13.0 percent and 12.8 percent, respectively, of the current issued and outstanding common shares. A total of 581,343 common shares of Mr. Anstey’s 9,619,098 common shares were issued to XPC Technology Services, an entity controlled by Mr. Anstey. A total of 1,112,194 common shares of Mr. Morginn’s 9,418,172 common shares were issued to 24 Hour Matrix System Inc., an entity controlled by Mr. Morginn. Immediately prior to the transaction, both Mr. Anstey and Mr. Morginn held no securities of the company. The early warning report required by National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues) will be filed under the company’s profile at SEDAR or by contacting Mr. Morginn at 1-884-282-2140.
We seek Safe Harbor.