Foreshore Exploration Partners Corp. (TSX-V: FORE.P), a capital pool company, has entered into an agreement, by way of a reverse three-cornered merger, with POSaBIT, Inc., a Kirkland, Washington based financial technology company offering payment processing and point-of-sale systems to cannabis merchants.
Foreshore intends to delist its shares from the TSX Venture Exchange and apply for listing on the Canadian Securities Exchange (CSE). Foreshore had previously announced its intention with POSaBIt in June 2018 and intended to continue the listing of the resulting issuer on TSX Venture Exchange.
In conjunction with the transaction, POSaBIT has raised $2.4 million through the issuance of subscription receipts and shares.
Upon closing the transaction, The resulting issuer will have 75,361,471 shares issued and outstanding, 12,570,768 options outstanding, and 216,640 warrants outstanding. Former shareholders of POSaBIT will own 90% of the outstanding shares or 77% on a fully diluted basis.
Foreshore Exploration Partners Corp. intends to its name to POSaBIT Systems Corporation.
Previously a wholly owned subsidiary of PlaceFull, Inc., POSaBIT was spun off from PlaceFull in March 2016
Led by CEO Ryan Hamlin, POSaBIT is developing and selling its cryptocurrency-based point-of-sale technologies and devices that are uniquely suited to cash-based business where traditional credit and debit card transactions are limited or prohibited, such as legal retail cannabis stores.
POSaBit has previously raised $2.675 million in Series A financing with a group of angel investors and New York based Digital Currency Group.
photo credit: POSaBIT