TIDMFFWD
RNS Number : 2889S
FastForward Innovations Limited
22 June 2018
22 June 2018
FastForward Innovations Ltd
("FastForward", "FFWD" or the "Company")
Investment: CAD$2.3million to be invested in Vogogo Inc
convertible debenture units
The Board of AIM-traded FastForward Innovations Limited, trading
under the symbol FFWD, is pleased to announce that the Company has
today subscribed CAD$2.3 million for extendable debentures and
warrants in Vogogo Inc. ("Vogogo"), a CSE-listed Canadian
technology company focused on the mining, exchange and payments of
Crypto-currencies (the "Subscription"). The Subscription will be
funded from existing cash resources.
Highlights
-- Vogogo has completed issue of 34,500 debenture units (of
C$1,000 each) ("Units") raising CAD$34.5 million;
-- each Unit consists of $1,000 principal amount of two year
Debentures and 1,000 Warrants;
-- interest coupon of 8% per annum on outstanding Debentures,
payable semi-annually in arrears on the last day of June and
December of each year;
-- net proceeds of the offer will be used to fund the
acquisition of certain Cryptocurrency mining assets, as described
in the press release of Vogogo dated 19(th) April, 2018
-- subject to regulatory approval, the Debentures will be
convertible into common shares ("Common Shares") of Vogogo at a
conversion price of C$0.50 per Common Share;
-- subscribers will be issued 1,000 Common Share purchase
warrants ("Warrants") for each C$1,000 principal amount of
Debentures purchased;
-- Each Warrant will entitle the holder to acquire one Common
Share of Vogogo at a price of $0.70 per share for a period of two
years; and
-- if there are an aggregate of 15 days on which the daily
volume weighted average price of the Common Shares of Vogogo on the
Canadian Stock Exchange ("CSE") (or such other Canadian stock
exchange on which the Common Shares may trade) equals or exceeds
C$1.10, Vogogo may accelerate the expiry date of the Warrants, upon
giving Warrant holders 30 days' advance written notice.
Commenting on the investment Lorne Abony, FastForward's Chief
Executive Officer, noted:
"Vogogo represents an opportunity to expand on our Blockchain
exposure and again we believe we have picked an excellent
management team to back. Having tracked the early development of
Vogogo we believe that it can generate significant shareholder
value. The nature of the investment, structured as a convertible
note with warrants, is an attractive way to structure an investment
in a cash generating Crypto-currency mining and related technology
company, as it provides an 8% annual yield, down-side protection
while retaining exposure to the potential upside equity value of
Vogogo should the price of Bitcoin appreciate and Vogogo succeed in
its future expansion plans. The Board believes in the potential of
Blockchain technology and related crypto-currencies and continue to
look for further investment opportunities."
About Vogogo
Vogogo Inc. is focused on information technology investment
opportunities that utilize blockchain technology, including
cryptocurrency mining for its own account and supporting services
such as payments and exchange. The common shares of Vogogo trade on
the CSE under the trading symbol "VGO". Vogogo will use the funds
from the issue of the Debentures to grow its cryptocurrency mining
operations, as well as invest in supporting applications, including
a cryptocurrency wallet technology.
On 13(th) March, 2018, Vogogo entered into a share purchase
agreement providing for the acquisition of all of the issued and
outstanding shares of Crypto 205 Inc. ("Crypto 205") in
consideration for the issuance of an aggregate of 130,000,000
Preferred Shares in the capital of Vogogo. Prior to the completion
of the Crypto 205 acquisition, Crypto 205 was a privately held
company engaged in the business of mining for cryptocurrencies for
its own account.
On a pro-forma consolidated basis, including the business and
results of Crypto 205 as included in Vogogo's Short Form Prospectus
dated 14 June 2018, as at 31(st) March 2018 Vogogo had Gross Assets
of CAD$28.6million and for the quarter ended 31(st) March 2018
would have reported net income before tax of approximately
CAD$1,144,000. For further information on Vogogo and its business,
operations and investments, as well as its founders and management
team, please visit its website at www.vogogoinc.com. Vogogo's
market capitalization as at 21 June 2018, was approximately
CAD$68.8 million.
For further information on the Company and its investments
please visit www.fstfwd.co or contact:
FastForward Innovations Limited
info@fstfwd.co
Ian Burns/Ed McDermott/Sue Saunders
Beaumont Cornish Limited (Nomad)
+44 (0) 207 628 3396
James Biddle/ Roland Cornish
Optiva Securities Limited (Broker)
+44 (0) 203 411 1881
Graham Dickson
For further information please visit www.fstfwd.co or
contact:
CAUTIONARY STATEMENT
The AIM Market of London Stock Exchange plc does not accept
responsibility for the adequacy or accuracy of this release. No
stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein. All
statements, other than statements of historical fact, in this news
release are forward-looking statements that involve various risks
and uncertainties, including, without limitation, statements
regarding potential values, the future plans and objectives of Fast
Forward Innovations Ltd. There can be no assurance that such
statements will prove to be accurate, achievable or recognisable in
the near term.
Actual results and future events could differ materially from
those anticipated in such statements. These and all subsequent
written and oral forward-looking statements are based on the
estimates and opinions of management on the dates they are made and
are expressly qualified in their entirety by this notice. Fast
Forward Innovations assumes no obligation to update forward-looking
statements should circumstances or management's estimates or
opinions change.
Appendix 1
Glossary of terms
Blockchain A distributed digital ledger in which data (and therefore
transactions) is recorded sequentially and permanently
in blocks. Each new block is linked to the immediately
previous block with a cryptographic signature, forming
a chain so that peer-to-peer transactions can be facilitated,
validated and recorded without the need for a central
third party. The distributed digital ledger is not hosted
in one location, nor managed by a central party, but
is shared and accessed by anyone with the appropriate
permissions.
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Crypto-currency A cryptocurrency is a unit of accounting kept on a cryptocurrency
or token blockchain which is a core part of the operating structure
of that blockchain. A token is a unit of account kept
via a blockchain but not necessarily intrinsic to the
blockchains operation such as the Etherium blockchain
which has a cryptocurrency called 'etherium' but can
keep track of tokens which can be recorded on the Ethereum
blockchain that anyone can create, name and record a
ledger of.
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Mining The process of using computer processing hardware to
solve a cryptographic mathematical problem to verify
and add newly hashed blocks to a public blockchain.
Miners collect transaction fees for the transactions
they confirm and are awarded bitcoins for each block
they verify.
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ENDS
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END
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