CloudBreak Discovery Corp. Closes Imperial X Transaction
CloudBreak" or the "
Company") is pleased to announce that its transaction with Imperial X Plc ("
Imperial X") (see the Company's press releases dated September 2, 2020, January 8, 2021, and February 17, 2021) has now closed. Under the transaction, CloudBreak amalgamated with Howson Ventures Inc. ("
Howson"), Cabox Gold Corp. ("
Numberco Sub") to form 1308402 B.C. Ltd. ("
Amalco"), which is a subsidiary of Imperial X (the "
Amalgamation"). In conjunction with closing, Imperial X also acquired certain assets in Anglo African Minerals Plc ("
AAM") and changed its name to "Cloudbreak Discovery Plc".
As consideration under the proposed transaction, Imperial X issued an aggregate of approximately 149,568,471 Imperial X shares pro rata to the CloudBreak shareholders. Accordingly, each CloudBreak shareholder received approximately 4.6365 Imperial X shares in exchange for each CloudBreak share held. Following closing, as well as other ancillary transactions and financings conducted by Imperial X, former CloudBreak shareholders hold approximately 38.39% of the issued and outstanding shares of Imperial X.