As of March 8, 2021, Bazinga completed an upsizing of the private placement financing where Bazinga has issued an additional 340,000 subscription receipts at a purchase price of CAD 5.00 per Receipt for gross proceeds of CAD 1,700,000. The Financing was completed through a syndicate of agents led by Stifel GMP and including, Canaccord Genuity Corp., Haywood Securities Inc. As per filing on DecemBazinga has completed a brokered private placement financing through the issuance of 2,325,984 subscription receipts at a purchase price of CAD 5 per Receipt for gross proceeds of CAD 11,629,920. In connection with the entering into of the Letter of Intent, and subject to the approval of the Exchange, Cherry Street has agreed to advance a working capital loan to Bazinga in the principal amount of CAD 0.225 million. Immediately prior to completion of the transaction, the Receipts will automatically be converted into common shares of Bazinga, which will then be exchanged for common shares of Cherry Street. Proceeds of the financing will be held in escrow pending completion of the transaction. In addition, Bazinga has granted Stifel GMP an option, exercisable in whole or in part, to increase the size of the financing by up to CAD 2.25 million for total gross proceeds of CAD 17.25 million. through the offering of up to 3 million subscription receipts at a price of CAD 5 per Receipt for gross proceeds of up to CAD 15 million. In connection with completion of the transaction, Bazinga intends to complete a brokered private placement financing (the "Financing"), led by Stifel Nicolaus Canada Inc. It is expected that following completion of the Business Combination and the Financing (i) security holders of Tribe will hold 12,853,274 common shares in the capital of the Resulting Issuer, representing approximately 82.71% of the Resulting Issuer's issued and outstanding shares: (ii) shareholders of the Cherry Street will hold 361,000 common shares in the capital of the Resulting Issuer, representing approximately 2.32% of the Resulting Issuer's issued and outstanding shares and (iii) certain directors, members of the management team and shareholders will own more than 10% of the Resulting Issuer, namely Aquilini Investment Group (28.35%), Talal Yassin (17.49%), Joseph Nakhla, Director and Chief Executive Officer (13.74%) and Raymond Choy, Director (10.58%). In accordance with the terms of the Transaction, it is contemplated that: (i) Cherry Street will consolidate on the basis of one post Cherry Street Consolidation common share for every 8.4488 pre-Cherry Street Consolidation common shares, such that Cherry Street will have approximately 361,000 shares outstanding (ii) Tribe will its common share capital on the basis of one post-Tribe Consolidation common share for every 9.1719 pre-Tribe Consolidation common shares and (iii) Tribe will arrange for outstanding shareholder loans of up to CAD 1.8 million to be settled through the issuance of post-Tribe Consolidation common shares at a price of CAD 5 per share. entered into an amalgamation agreement to acquire Cherry Street Capital Inc. As of February 11, 2021, Bazinga Technologies Inc. (TSXV:CHSC.P) in a reverse merger transaction on October 28, 2020. entered into a letter of intent to acquire Cherry Street Capital Inc.
0 Comments
Leave a Reply. |