KEON CAPITAL INC. EXECUTES DEFINITIVE AGREEMENTS RESPECTING PROPOSED TRANSACTION WITH FRAME HOLDINGS INC.
Vancouver, B.C., March 13, 2024 (GLOBE NEWSWIRE) -- Keon Capital Inc. (“Keon” or the “Company”) (TSXV: KEON.H) is pleased to provide an update respecting its previously announced transaction (the “Transaction”) with Frame Holdings Inc. (“Frame”) pursuant to which Keon will acquire all of the issued and outstanding Frame shares from the Frame shareholders (see Keon’s news release dated November 6, 2023 announcing the execution of an LOI respecting the Transaction).
- Vancouver, B.C., March 13, 2024 (GLOBE NEWSWIRE) -- Keon Capital Inc. (“Keon” or the “Company”) (TSXV: KEON.H) is pleased to provide an update respecting its previously announced transaction (the “Transaction”) with Frame Holdings Inc. (“Frame”) pursuant to which Keon will acquire all of the issued and outstanding Frame shares from the Frame shareholders (see Keon’s news release dated November 6, 2023 announcing the execution of an LOI respecting the Transaction).
- The Transaction is structured as a three-cornered amalgamation (the “Amalgamation”), with Frame amalgamating with Subco and becoming a wholly-owned subsidiary of Keon.
- Shareholders of Frame will receive one common share in the capital of Keon in exchange for each outstanding common share of Frame held by them, with Keon expected to issue an aggregate of approximately 40,000,000 Keon shares (assuming the minimum Frame financing of $2,000,000) to the Frame shareholders under the Transaction.
- In connection with the Transaction, Keon will conduct a 2.8:1 share consolidation of issued and outstanding Keon common shares (the “Keon Share Consolidation”), and any shares issued to Frame shareholders under the Transaction will be on a post-consolidation basis.