- Hope Well Capital Corp. (TSXV: HOPE.P) has entered into a letter of agreement with Loc8 Corp. to purchase all of its outstanding and issued shares
- This will constitute a reverse takeover and a new issuer named Deepspatial AI will be formed
- Loc8 Corp develops AI systems for business management
- During the proposed reverse-takeover Loc8 will issue a brokered private placement for C$2-3 million
- Hope Well Capital Corp. (TSXV: HOPE.P) is currently not trading due to pending certain filing and assessment by the TSXV
Hope Well Capital Corp. (TSXV: HOPE.P) announced today it has signed a letter of intent to acquire all issued and outstanding shares of the artificial intelligence developer, Loc8 Corp.
Through the process Loc8 will complete a reverse-takeover Hope Well Capital Corp. and all shares from the former company will be transferred to a new issuer named Deepspatial AI.
Concurrent with the transaction, Loc8 will issue a brokered private placement for between C$ 2,000,000 and C$3,000,000.
Loc8 Corp. develops artificial intelligence for businesses. The AI systems help track ordering, customer relations, and handle invoices and integrate these disparate areas into a single AI-managed system.
Hope Well Capital Corp. capital investment trust attached to the Hope Well commercial and property development company.
Hope Well Capital Corp. (TSXV: HOPE.P) ceased trading on the TSXV in May of last year.
Despite this reverse-takeover the company has stated that trading will remain halted until certain regulatory filing have been assessed and approved by the TSXV.
As this is only announcing a letter of intent, the company has stated that a later announcement containing the definitive agreement will be made available at a later date.
No predicted timeline for this process has been announced.