- Valdor Technology International Inc. (VTI) has entered into a share purchase agreement with Layer 2 Ventures Ltd. to acquire all issued and outstanding shares
- Valdor will issue an aggregate of 16,666,667 common shares at $0.30 per share for an aggregate of $5 million
- Layer 2 Ventures leverages cryptographic technology to process transactions in bulk beside or above the main chain
- Valdor has an operating subsidiary company, Valdor Fiber Optics Inc., which assembles optical fiber components
- Valdor Technology International Inc. (VTI) is unchanged trading at $0.31 per share as of 2:51 p.m. EST
Valdor Technology International Inc. (VTI) has entered into a share purchase agreement with Layer 2 Ventures Ltd. to acquire all issued and outstanding shares.
Valdor will issue an aggregate of 16,666,667 common shares at $0.30 per share for an aggregate of $5 million.
50 per cent of the consideration shares will be subject to a voluntary six-month hold period from closing.
The remaining 50 per cent of the consideration shares will be subject to a voluntary 12 month hold period from closing.
Valdor may conduct a private placement financing for gross proceeds of up to $10 million.
It will be through the issuance of up to 33,333,333 units at a price of $0.30 per unit.
Each unit is to be comprised of one common share and one warrant.
Each warrant is exercisable for an additional common share at an exercise price of $0.75 for two years after the date of issuance.
Valdor will make a line of credit loan to Layer 2 for up to $250,000.
The loan is secured, bears interest at 10 per cent per annum, and is repayable by Layer 2.
The transaction will be a fundamental change of Valdor pursuant to the policies of the CSE.
Layer 2 Ventures leverages cryptographic technology to process transactions in bulk beside or above the main chain.
Valdor has an operating subsidiary company, Valdor Fiber Optics Inc., which assembles optical fibre components.
Valdor Technology International Inc. (VTI) is unchanged trading at $0.31 per share as of 2:51 p.m. EST.