Vancouver, B.C., March 10, 2023. MineHub Technologies Inc. (TSXV: MHUB, OTCQB: MHUBF) (“MineHub” or the “Company”) Further to the Company’s earlier news release dated March 2, 2023 between Waybridge Technologies Inc. (“Waybridge”) and MineHub, the Company is pleased to announce that the parties have closed the asset purchase agreement (the “Purchase Agreement”).
Under the terms of the Purchase Agreement, MineHub issued 8,176,634 common shares (the “MineHub Shares”) at a deemed price per share of CDN$0.4345 for aggregate consideration of CDN$3,552,747. The MineHub Shares were issued to Waybridge, with the expectation that the MineHub Shares be transferred to accredited investor stockholders of Waybridge following closing. The MineHub Shares bear a Canadian securities law hold period of four months and one day from the date of issuance and the Purchase Agreement provides for an additional contractual restriction, such that the MineHub Shares are restricted from transfer from the closing date and released in tranches, such that 12.5% of such MineHub Shares are released each quarterly period from the closing date. MineHub received the requisite TSX Venture Exchange (“TSXV”) approval to complete the purchase of the assets and issue the MineHub Shares, subject to final filing requirements with TSXV.
About MineHub Technologies
MineHub is an enterprise-grade platform connecting all parties along the physical commodities supply chain. The MineHub platform replaces existing processes in which thousands of data interactions and scores of documents are shared amongst counterparties by fax, phone and e-mail. By digitizing the complex workflow among participants in a physical commodity transaction, MineHub brings efficiency and security to the mining and metals supply chain. MineHub allows firms to create data that is useable, shareable, verifiable and unforgeable. Global enterprises already use MineHub as part of their logistics, compliance, trade management and financing operations.
Arnoud Star Busmann
CEO, MineHub Technologies Inc.