- HAW Capital 2 Corp. (HAW.P) updates details of its letter of intent with Songistry Inc.
- The proposed transaction is expected to constitute a reverse take-over of HAW upon completion, and upon shareholder approval, the company expects to be renamed Songistry Inc.
- At least 33,151,282 HAW2 common shares will be issued to Songistry securityholders in exchange for their Songistry securities with an approximate deemed aggregate consideration of $22 million
- HAW shareholders will expect to hold approximately 7 per cent of the resulting issuer’s common shares and former Songistry securityholders will hold approximately 93 per cent of the common shares
- HAW Capital 2 Corp. (HAW.P) is unchanged trading at $0.16 per share as of 4:26 p.m. EST
HAW Capital 2 Corp (HAW.P) has updated details of its letter of intent with Songistry Inc. regarding a proposed business combination.
The proposed transaction is expected to constitute a reverse take-over of HAW upon completion and the company expects to be renamed Songistry Inc.
Songistry has developed MDIIO, a music asset and copyright management and licensing engine that leverages the latest in artificial intelligence.
At least 33,151,282 HAW common shares will be issued to Songistry security holders in exchange for their Songistry securities with an approximate deemed aggregate consideration of $22 million.
In addition, HAW anticipates that the closing will cause its share capital to be consolidated so that HAW’s share capital will consist of 3,167,421 common shares.
HAW shareholders will expect to hold approximately 7 per cent of the resulting issuer’s common shares and former Songistry security holders will hold approximately 93 per cent of the common shares.
The closing is subject to Songistry’s completion of a concurrent equity financing of a minimum of $4 million and a maximum of $5.5 million at a price of $0.66 per share.
The concurrent financing may be completed on a brokered or non-brokered basis or a combination of the two.
HAW Capital 2 Corp. (HAW.P) is unchanged trading at $0.16 per share as of 4:26 p.m. EST.
