RE:RE:RE:future??? The corporation would also like to provide the following updates:
- In connection with the corporation's change of business transaction (COB), the corporation acquired 10 per cent of the issued and outstanding securities in the capital of Blockchain Assets Management Group Ltd. (BAM) in exchange for the issuance of an aggregate of 99,554,560 common shares in the capital of the corporation. During the auditing process of the annual filings, the corporation became aware of the fact that BAM's operations were suspended due to legal and regulatory changes in China. As a result of the disclosure, the corporation has reversed its acquisition of the BAM interest and has demanded that the BAM shares be immediately returned to the corporation for cancellation.
- As part of the COB, the corporation undertook a private placement of an aggregate of 2,166,667 units at a price of 30 cents per unit for aggregate gross proceeds of $650,000. Each unit comprised one common share and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at an exercise price of 35 cents per warrant at any time until 5 p.m. on Dec. 12, 2025. The proceeds were not forwarded on the closing of the COB due to currency regulations in China. The corporation was given numerous assurances that the funds would be arriving but to date, no funds have been received by the corporation. As such, the corporation has terminated the private placement, cancelled the warrants and demanded that the private placement shares be immediately returned to the corporation for cancellation.
- The board of directors has appointed Jim Hughes as director. Mr. Hughes has extensive experience in the securities industry from being an exchange broker at Harlow Meyer Savage, head of sales for Skylon Capital, and co-founder of Fairway Capital and All Group Financial Services. Throughout his career, Mr. Hughes has obtained expertise in strategic business growth, mergers and acquisitions, capital market strategies, raising financing, going public transactions, and more.
- Alex MacKay has been appointed interim chief executive and financial officer of the corporation. Mr. MacKay's appointment was the result of the directors terminating the appointment of Philip Wong as chief executive officer and Leo Choi as chief financial officer.
- The corporation entered into a secured revolving line of credit facility on July 23, 2024, with an arm's-length third party. The credit facility cannot exceed $200,000 at any given time, has a maturity date of Aug. 1, 2024, bears interest at a fixed annual rate of 14.96 per cent and is secured against all of the assets of the corporation. The corporation will use the credit facility to pay outstanding liabilities and for general working capital.
About Blue Horizon Global Capital Corp.