5/15/2023 0 Comments Skrumble technologies inccancelled the acquisition of RHC Capital Corporation (TSXV:RHC) in a reverse merger transaction on October 16, 2018. The transaction is subject to number of conditions including, RHC will have taken all steps necessary to cause all of its direct and incidental helium assets to be held solely by Royal Helium and Royal Helium will have completed a split of its shares into such number of shares that is reasonably required so that RHC can divest by way of dividend in kind all of the shares of Royal Helium to RHC shareholders on a pro-rata basis proportionate to their existing RHC shareholdings, RHC will have completed a consolidation of its outstanding common shares prior to completion of the transaction on a ratio of 1:10 such that each existing shareholder of RHC will receive one post-consolidation common share for each 10 pre-consolidation common shares held by such shareholder, consummation of private placement, completion of mutually satisfactory due diligence investigations of Skrumble and RHC, all required approvals of the Board of Directors and shareholders of Skrumble and RHC, consents, waivers and approvals from the exchange, any securities regulatory authority and any other necessary third parties. The Board of Directors of Resulting Issuer will be nominated by Skrumble. The senior management of the resulting issuer will include, David Lifson, Tamir Wolfson, James Phillipson, Christine Guo of Ontario and Pamela Lifson. Post the transaction, RHC Capital will have changed its name to Skrumble or such other name as agreed to between the Skrumble and RHC Capital. In conjunction with the transaction, RHC Capital will divest 100% of the shares of its wholly owned subsidiary, Royal Helium Corporation to its shareholders proportionate to their ownership interest in RHC and Royal Helium will continue operating as a separate and private helium exploration company. The Resulting Issuer is expected to continue Skrumbles current business and operations and intends to be listed as a technology issuer on the TSXV. Each outstanding convertible security of Skrumble will remain outstanding and be adjusted in accordance with their terms or be exchanged for convertible securities of the resulting issuer, as applicable, on substantially the same economic terms and conditions as the existing convertible securities of Skrumble. Skrumble Network is 99.62 below the all time high of 0.10. In just the past hour, the price shrunk by 5.58. The price declined by 2.17 in the last 24 hours. The price of Skrumble Network has fallen by 7.91 in the past 7 days. The transaction is currently anticipated that it will be completed by way of a three-cornered amalgamation or other similar form of acquisition transaction as agreed to by the parties, which will result in each Skrumble common share being exchanged for one post-consolidation resulting issuer common share. Skrumble Network is on the decline this week. entered into a non-binding letter of intent to acquire RHC Capital Corporation (TSXV:RHC) in a reverse merger transaction on August 20, 2018.
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