DeepSpatial Inc. Announces Closing of Acquisition of Loc8 Corp. and Sale of Grapevine and Payment of Dividend
DeepSpatial or the
Company ) is pleased to announce that it has closed its previously announced transaction (the
Transaction ) which involved: (i) the acquisition of all of the issued and outstanding securities in the capital of Loc8 Corp. (now named DeepSpatial (Ontario) Inc.) (
Loc8 ) by way of a three cornered amalgamation, pursuant to which, a wholly-owned subsidiary of the Company amalgamated with Loc8 (the
Loc8 Acquisition ); (ii) the sale of Grapevine Analytics Inc. to RDH Inc. (a corporation controlled by the family of the late John Pennal); and (iii) immediately prior to completion of the Loc8 Acquisition, the consolidation of the common shares of the Company (the