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BitGold to acquire GoldMoney for shares in transaction estimated at C$52 million
Company Announcement via Business Wire
Friday, May 22, 2015
TORONTO -- BitGold Inc., a platform for savings and payments in gold, announces that it has entered into an acquisition Agreement to purchase the operating and intellectual property assets of GoldMoney Network Ltd., subject to regulatory approvals and other customary closing conditions.
With over C$1.5 billion in assets under vault management, GoldMoney is among the world's largest private managers of precious metal assets, renowned for its innovation and integrity in the gold market.
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Upon closing of the acquisition agreement, BitGold will acquire the intellectual property and operating assets of GoldMoney in exchange for the issuance of 11,169,794 common shares in BitGold, valuing the transaction at C$51.9 million based on BitGold's C$4.65 closing price on May 21. The transaction is expected to close within 60 days.
Potential benefits to shareholders include:
-- The integration of an innovative and high-integrity precious metal manager onto the BitGold platform, preserving the relationships GoldMoney has established with its customers while enhancing GoldMoney services with payment technologies.
-- The addition of relationships and knowledge acquired over nearly a decade and a half operating an e-platform for global metal purchases and sales.
-- The addition of over C$1.5 billion in customer assets onto the Aurum ledger, BitGold's proprietary consolidated order book and trade engine.
-- The potential to develop new payment market relationships from over 135,000 signups on GoldMoney.com.
-- Applying new technology, analytics, and location intelligent language/currency engine to expand beyond the markets which have produced over L3.1 billion in cumulative gross sales revenue for GoldMoney over the past decade.
-- Expected operating synergies from lower fixed overhead and lower working capital intensive technologies applied to GoldMoney operations, without compromising premium customer service.
-- The addition of a strong shareholder base and three GoldMoney directors to the combined Board of Directors.
GoldMoney Network Ltd. is owned by well-established investors including James Turk, IAMGold Corp., the Fleming family, and Eric Sprott, founder of Sprott Inc. GoldMoney headquarters are located in Jersey, British Channel Islands. GoldMoney is regulated by the Jersey Financial Services Commission as a money services business. The commission is the main supervisory body that oversees and regulates Jersey's large financial services industry. ...
... For the remainder of the announcement:
http://www.businesswire.com/news/home/20150522005342/en/BitGold-Announce...
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