About the Transaction
The Transaction is structured as a share acquisition pursuant to which Sonora will acquire all of the issued and outstanding securities of BTQ in accordance to the definitive agreement. Prior to closing of the Transaction, Sonora intends to complete a consolidation (the "Consolidation") of its common shares on the basis of 6 common shares currently outstanding for one new common share (each, a "Consolidated Share") and a private placement (the "Sonora Financing") of 25 million subscription receipts (each, a "Subscription Receipt") at a price of
Pursuant to the Definitive, shareholders of BTQ will receive one Consolidated Share in exchange for each share of BTQ. The company resulting from the completion of the transaction (the "Resulting Company") will be named
It is expected that trading the Company's shares will remain halted until the Transaction has been completed and additional information about the Transaction, including regarding the directors and officers of the
About BTQ
BTQ was incorporated in the Principality of
Quantum computers can take a very large integer and find out its prime factor extremely rapidly by using Shor's algorithm. Theoretically, a universal large scale quantum computer could be used to disrupt cryptocurrencies, break into digital wallets, and access and decrypt confidential communications. Ethereum and Algorand, two of the most technologically advanced cryptocurrencies, announced plans to transition to post-quantum standards earlier this month.
Since last summer BTQ has strategically established a representative office in
"BTQ has accelerated the development of Layer 1 and Layer 2 compatible blockchain scalability software that is underpinned by cutting edge quantum algorithms. Expanding our reach in
For more information on BTQ's research, please watch an introductory video here. BTQ's blog post on blockchain finance in the quantum era is available here.
About
BTQ builds post-quantum infrastructure to enable the next generation of energy-efficient blockchain networks.
For more information, contact:
Managing Director
desk@btq.li
Arm's Length Transaction
The Transaction will constitute an Arm's Length Transaction in accordance with the policies of the TSXV.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO, Director
For further contact:
T: 604-682-2928
E: ken@sonoragoldcorp.com
Cautionary Note
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Completion of the Transaction is subject to a number of conditions precedent, including but not limited to, the approval of a recognized exchange, receipt of necessary shareholder approvals and the completion of the Consolidation and the Sonora Financing. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or other disclosure document to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. The TSXV has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this press release.
Forward Looking Information
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to: the business plans of Sonora, BTQ and the
With respect to forward-looking statements and information contained herein, Sonora and BTQ have made numerous assumptions including among other things, assumptions about general business and economic conditions, the development of post-quantum algorithms and quantum vulnerabilities, and anticipated costs and expenditures of the Transaction. The foregoing list of assumptions is not exhaustive.
Although management of Sonora and BTQ believe that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks relating to the Sonora Financing and the availability of financing for the
SOURCE
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