VANCOUVER, British Columbia, Dec. 22, 2020 (GLOBE NEWSWIRE) -- Hunter Technology Corp. (TSX-V: HOC; OTCQB: HOILF; WKN: A2QEYH, FSE: RWPM, ISIN: CA4457371090) (“Hunter” or the “Company”) is pleased to announce that it has entered into a definitive purchase agreement (the “Purchase Agreement”) with FinFabrik Limited (“FinFabrik”), and the holders of a majority of FinFabrik’s outstanding share capital, that outlines the terms and conditions pursuant to which Hunter will acquire FinFabrik (the "Transaction").
Subject to TSX Venture Exchange approval and other customary conditions for transactions of this nature which are set out in the Purchase Agreement, Hunter will acquire all of the issued and outstanding shares of FinFabrik for aggregate consideration of US$12 million payable through the issuance of 13,333,333 common shares in the capital of Hunter at a deemed share price of US$0.90 per share (the "Consideration Shares").
Pursuant to the terms of the Purchase Agreement, the Consideration Shares issued under the Purchase Agreement will be subject to a contractual hold period of between six and twelve months from the closing of the Transaction. For additional information concerning the Transaction, please refer to Hunter's press release dated December 14, 2020 which is available under Hunter's SEDAR profile at www.sedar.com.
The Company has also granted options to acquire 1,330,000 common shares of Hunter to certain directors, officers and consultants. The options are exercisable at a price of USD $0.90 per share for a period of up to three years, with one-third of the options granted vesting every 6 months, beginning June 22, 2021. The stock options were granted in accordance with the terms of Hunter's 2020 stock option plan.
About Hunter Technology Corp.
Hunter Technology Corp. is an oil industry service provider developing interactive platforms to enable the facilitation of physical oil transactions throughout the trade lifecycle, with more favourable economics for producers and access to a fair market for all. Through oilex.com Hunter will operate a physical oil marketplace to facilitate the buying and selling of physical oil by independent producers to corporate consumers, traders and sovereign purchasers. And through oilexchange.com, Hunter will offer robust supply chain management tools that track physical oil throughout the supply chain and automate the reporting process.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrew Hromyk
Chief Executive Officer
(888) 977-0970
For further information, visit our website at www.huntertechnology.com
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Statement Regarding Forward-Looking Information.
This news release contains certain statements which may constitute forward-looking statements or information regarding Hunter’s business development plans. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Hunter's control, including execution risk, market risk, industry risk, the impact of general economic conditions and competition from other industry participants, stock market volatility, the ability to access sufficient capital from internal and external sources, the ability of Hunter and FinFabrik to fulfill the conditions set forth in the Purchase Agreement and to complete the Transaction pursuant to the terms of the Purchase Agreement, if at all, the FinFabrik shareholders agreeing to sell their shares pursuant to the terms of the Purchase Agreement, Hunter completing a satisfactory due diligence review of FinFabrik, Hunter reaching an agreement with the Principals to serve with Hunter following Closing, receipt of any required corporate and regulatory approvals, and closing of the Transaction. Although Hunter believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Hunter does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of Hunter should be considered highly speculative. There can be no assurance that Hunter will be able to achieve all or any of its proposed objectives. Please review Hunter’s Filing Statement dated October 21, 2020 and filed under the Company's SEDAR profile at www.sedar.com for a more fulsome discussion of risk factors affecting Hunter.