Please read re : SPIN OUT !! Global Blockchain Technologies plans spinout, X2 buy
ATARI FOUNDER NOLAN BUSHNELL'S X2 GAMES TO BE ACQUIRED BY GLOBAL BLOCKCHAIN; PROPOSED SPINOUT OF ENTERPRISE AND EXCHANGE DIVISION
Global Blockchain Technologies Corp. will create a subsidiary entity for its enterprise and exchange activities with a view to unlocking their value through a spinout of critical mass assets and merging its remaining media and entertainment investments and projects with those of X2 Games Corp. More details about the component assets of the spinout for shareholders of record November 15th, 2018 (the "Record Date") will be forthcoming. BLOC assets to be spun out include: All rights, work product, and assets related to the development of the Laser blockchain. All holdings of Laser Technologies Corp. - Cayman Islands subsidiary. All rights, work product, and assets related to the development of the Singularity digital asset and forex exchange.All rights and work product relating to the business and technology development of Stratus.All rights and work product relating to the development of any Middle Eastern Cryptocurrency Spot Exchange.Blockchain Technologies DMCC — Dubai subsidiary.All rights and interests relating to the investment in Hyperion Crypto Exchange Inc.The agreement and project building ongoing with HPE.The Quisitive investment.
BLOC shareholders as of the November 1st Record Date will be entitled to this spinout. The spinout will also receive $2,000,000 of BLOC's cash holdings.
TERMS
Under the terms of the transaction, for the acquisition of X2 Games, BLOC will issue 330,519,541 Common shares ("Shares") issued at a deemed price of $0.15 per Share, resulting in an aggregate purchase price of $49,577,931.
Additionally, BLOC will also acquire from Global Blockchain Mining Corp (CSE:FORK) its 25% interest in DISCO, in exchange for $1,500,000 of BLOC Shares issued at a deemed price of $0.15 per Share. DISCO's incumbent agreements provide extreme synergy to the gaming platform that is being developed.
US DOLLAR TRADING
While the Company trades on the CSE, it currently has, and anticipates that it will continue to have, a significant international following and investor base. As such, the Company announces that it has applied for approval to have its shares trade in USD. Once approved by the CSE, the Company will issue a subsequent news release announcing the effective date. The Cusip number will remain the same.
About Global Blockchain Technologies Corp.
The Company provides investors access to a basket of direct and indirect holdings within the blockchain space, managed by a team of industry pioneers and early adopters of all major cryptocurrencies.
The Company is focused on streamlining the currently arduous, lengthy, and complicated process that interested investors must undergo in order to gain exposure to the cryptocurrency space, with a view to becoming the first vertically-integrated originator and manager of top tier blockchains and digital currencies.
The date was then adjusted to DECEMBER 04 / 2018 in relation to being a shareholder of BLOC ( frmr ticker symbol) .