Graph sold to reg techGot this from ceo.ca so I’m just sharing what was posted there
Not sure if this is a good or bad thing for DM stock
Reg Technologies signs LOI to acquire Graph Blockchain 2018-06-29 20:03 ET - News Release Mr. Paul Chute reports NON-BINDING LETTER OF INTENT WITH GRAPH BLOCKCHAIN LIMITED Reg Technologies Inc. and Graph Blockchain Ltd. have entered into a non-binding letter of intent (LOI) which outlines the general terms and conditions pursuant to which Reg Technologies and Graph Blockchain have agreed to complete a transaction that will result in Reg Technologies acquiring all of the issued and outstanding securities of Graph Blockchain, pursuant to a reverse takeover (RTO). The LOI was negotiated at arm's length and is effective as of May 31, 2018. Graph Blockchain is engaged in the business of developing state-of-the-art private blockchain solutions for corporations and government agencies and is a joint venture company of Datametrex AI Ltd. and its San Francisco-based joint venture partner, Bitnine Global Inc. Terms of the transaction It is anticipated that the transaction will be effected by way of merger, amalgamation, share exchange, plan of arrangement, business combination or other similar form of transaction as is acceptable to Graph Blockchain and Reg Technologies. Reg Technologies and Graph Blockchain will enter into a definitive agreement in respect of the transaction, pursuant to which the common shares of Graph Blockchain will be exchanged for 123,333,333 common shares in the capital of Reg Technologies at a deemed price of 30 cents per resulting issuer share on a preconsolidation basis and pursuant to an exchange ratio to be agreed to by the parties in accordance with the terms of the definitive agreement. In addition, Graph Blockchain will have the right but not the obligations to complete a private placement of common shares at a price per share of 30 cents for maximum gross proceeds of $10-million concurrent with the transaction. Completion of the transaction is subject to a number of conditions: (i) Reg Technologies and Graph Blockchain entering into the definitive agreement; (ii) the satisfactory completion of all legal, business and technical due diligence to the satisfaction of each party; and (iii) the receipt of all required consents and approvals, including without limitation, the approval of the TSX Venture Exchange or the Canadian Securities Exchange to list the resulting issuer shares for trading, and the approval of Reg Technologies and Graph Blockchain shareholders. Reg Technologies will apply for partial and full revocations of the cease trade order with the British Columbia Securities Commission and complete a private placement to raise gross proceeds of up to $300,000 at a price of 15 cents per Reg Technologies share, with the first tranche of $150,000 to be raised upon the partial revocation of the cease trade and the second tranche of $150,000 to be raised upon the full revocation of the cease trade order. The net proceeds from the offering will be used to pay the costs of the transaction and working capital purposes. There is no guarantee that the cease trade revocation applications will be successful. Upon completion of the transaction, it is the intention of the parties that the resulting issuer will continue to focus on the current business and affairs of Graph Blockchain. Insiders, officers and board of directors of the resulting issuer The board of directors of the resulting issuer upon completion of the transaction is expected to consist of a minimum of three directors, of which two will be independent, all of whom will be appointed by Graph Blockchain. In addition, it is anticipated that upon completion of the transaction, the current management of Graph Blockchain will become the management of the resulting issuer. About Reg Technologies Inc. Reg Technologies was incorporated under the provisions of the Business Corporations Act (British Columbia) with its registered and head office in Vancouver, B.C. Reg Technologies is a reporting issuer within the meaning of the Securities Act (British Columbia) and Securities Act (Alberta) and is currently subject to a cease trade order, and its securities are not currently listed on any Canadian stock exchange. About Graph Blockchain Ltd. Graph Blockchain is a private company, incorporated under the laws of Canada. Graph Blockchain has offices in Toronto, Ont., Silicon Valley, Calif., and Seoul, Korea. Graph Blockchain is a blockchain development company that provides high performance blockchain solutions that include graphic data analysis and consulting services, implementation of data mining analysis through the use of graph databases, and speed enhancements of Blockchain control systems for corporations and government agencies. Graph Blockchain has filed four patents with the United States Patent and Trademark Office and Korea Intellectual Property Office, signed contracts with multibillion-dollar conglomerates, and completed and delivered prototype solutions.