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Blockchain company eXeBlock led by PeerPlays founder acquired with plans to go public

The only details from 1040433 Ltd. refer to Mr. Eugene Beukman as Director contact.

It was announced today that 1040433 B.C. Ltd. entered into a Letter of Intent (LOI) dated on August 16, 2017, relating to the acquisition of private Canadian corporation eXeBlock Technology Inc. The acquisition will be achieved through a 2-for-1 exchange with all of the shareholders of eXeBlock.

eXeBlock’s current President and CEO Jonathan Baha’i was the co-founder and principal designer of PeerPlays, a blockchain technology designed to be used widely throughout in the gaming industry. The principal business carried on by eXeBlock is the development and operation of blockchain software and decentralized applications (DAPPs).

Alexei Dulub, the lead front-end programmer in the development of PeerPlays, will be retained as a key member of eXeBlock’s senior management team. eXeBlock employs a team of blockchain programmers currently developing two blockchain DAPPs.

PeerPlays completed its token sale this summer and this month joined the OpenLedger blockchain conglomerate. Mr. Baha’i looks eager to begin his next project.

Jonathan Baha’i is President at Peerplays Blockchain Standards Association and now CEO of eXeBlock

eXeBlock will release proof of concept and white papers outlining the operating parameters of their first DAPP by the end of 2017, and the second in the first half of 2018.

Specifics relating to the DAPP’s purpose, market potential, and operating protocols will remain confidential until the white paper release date. Further, eXeBlock has plans to launch a minimum of two blockchain-based DAPPs per year.

The LOI includes:

  • 1040433 Ltd. will acquire all of the issued securities of eXeBlock. The intent of the parties is that all common shares of eXeBlock prior to the closing of the transaction will be exchanged for common shares of 1040433 Ltd. on the basis of two 1040433 Ltd. shares for one eXeBlock share.
  • eXeBlock currently has 19,050,000 shares outstanding with no warrants or options. Therefore, 1040433 Ltd. will issue 38,100,000 common shares to the shareholders of eXeBlock, representing approximately 87.2% of the issued and outstanding common shares of 1040433 Ltd. after the closing of the acquisition. 1040433 Ltd. currently has 5,396,000 shares outstanding and 2,500,000 share purchase warrants.
  • 1040433 Ltd. will agree to change its corporate name to eXeBlock Technology Inc. upon closing of the deal, the Board of Directors will consist of four (4) directors, comprised of three (3) nominees from eXeBlock and one (1) nominee from 1040433 Ltd.

Post closing, eXeBlock intends to complete a non-brokered private placement

  • The investment will be led by the Toronto-based PowerOne Capital Group and include Halifax-based Numus Capital for up to 10,000,000 common shares of eXeBlock at a price of $0.35, to raise gross proceeds of up to $3,500,000.
  • The net proceeds from the private placement will be used by eXeBlock to fund its software development.
  • In connection with the private placement, eXeBlock will pay to arm’s length finders a finder’s fee comprised of cash fee equal to 7.5% of funds related to investments in eXeBlock and warrants representing 7.5% of the number of shares issued as introduced by finders in the private placement of eXeBlock.
  • Pending regulatory approval, eXeBlock plans to complete an initial listing on the Canadian Securities Exchange.
Source:eXeBlock
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Jonathan Bahai

Some follow-up info that I posted on Steemit following the official press release:

https://steemit.com/peerplays/@jonathan.bahai/my-new-roll-as-ceo-of-exeblock-and-what-it-means-for-peerplays

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