Graph Blockchain To Acquire Charity Focused NFT Company
Graph Blockchain Inc. is pleased to announce that the Company, has entered into a Share Exchange Agreement (the "Agreement") in connection with the Acquisition (the "Acquisition") of Niftable Inc. ("Niftable" or the "Target").
Pursuant to the terms of the Agreement, Graph will acquire 100% of all issued and outstanding shares of Niftable, an arm's length privately held company, established pursuant to the Business Corporations Act in Alberta.
Michael Yeung, Founder and President of Niftable, said, "This is an amazing partnership, as Graph provides expertise and resources, and Niftable provides a growth strategy with its focus on charities and the growing NFT world. There are over 170,000 charitable and nonprofit organizations in Canada. 85,000 of these are registered charities. The marketplace for growing this business represents a massive opportunity for Graph and its shareholders. We look forward to a very productive year as part of the Graph team."
Paul Haber, CEO of Graph Blockchain, said, "We are very excited to enter this new area of NFTs. Charities have been hard hit by COVID and we believe the NFT space creates a great opportunity for charities to raise funds from not only their established donor base but to expand their reach into a whole new demographic, as NFT artists have not been shy about their backing for charitable causes or key social issues."
Key Transaction Terms:
Significant terms include the following:
- The Company will acquire the Niftable Shares for an aggregate purchase price of CAD $2,600,000 (the "Purchase Price"). The Purchase Price shall be satisfied through the issuance of an aggregate of 52,000,000 Consideration Shares (the "Shares") at deemed price of $0.05 per share of the Company.
- The Agreement includes customary representations, warranties, covenants, conditions and termination rights, and other customary information of Graph, and Niftable in accordance with the applicable corporate and securities legislation.
- The Board of Directors and shareholders of the Company, if necessary, approving the Agreement and the payment of the Purchase Price and the issuance of the Shares in exchange for the Target shares.
- Issuance of the Shares shall be subject to the receipt of regulatory approvals including, without limitation, the approval of the Canadian Securities Exchange (the "CSE") and other conditions and will be subject to statutory hold periods under applicable securities legislation.
- As a result of the Acquisition, Niftable will become a wholly owned subsidiary of the Company.
- In addition, concurrent with the Acquisition, the Company has entered into an employment agreement with Michael Yeung, Founder and President of Niftable.
The preceding press release was provided by a company unaffiliated with NonProfit PRO. The views expressed within do not directly reflect the thoughts or opinions of NonProfit PRO.