- Victory Square received 4,411,765 common shares of Cloud Nine Web3 Technologies Inc. (CSE: CNI) at a deemed issue price of $1.36 per common share for a purchase price of $6,000,000
- The share price of Cloud Nine (CSE: CNI) closed on March 15, 2021 at $1.79 per common share, valuing Victory Square’s 4,411,765 common shares at $7,897,059.35
- Victory Square will have the right to dividend up to 15% of the total number of the Consideration Shares issuable hereunder to its shareholders
- Company exercised 350,000 warrants in Argo Blockchain PLC (LON: ARB) for an approximate $1,488,000 gain (as at March 15th, 2021)
VANCOUVER, British Columbia, March 16, 2021 — Victory Square Technologies Inc. (“Victory Square” or the “Company“) (CSE:VST) (OTC:VSQTF) (FWB:6F6) — is pleased to announce that it has signed and closed an asset purchase agreement dated March 15, 2021 to sell certain intellectual property assets related to a development stage VPN platform (the “Acquisition”) to Cloud Nine Web3 Technologies Inc. (“Cloud Nine” )(CSE: CNI).
“We’ve spent the last 6 years connecting with and investing in some of the brightest and disruptive minds in the Technology space; quietly building up a stockpile of applications and IP while waiting for an inflection point to start unleashing these applications to market,” said Victory Square CEO Shafin Diamond Tejani.
“This 6 million sale of IP and the $1.5 million gain on Argo points to the extensive depth of the Victory Square portfolio and our ability to monetize and provide value to our shareholders.”
In consideration for the Acquisition, Victory Square received 4,411,765 common shares of Cloud Nine at a deemed issue price of $1.36 per common share for a sale price of $6,000,000.