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TORONTO, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Blue Horizon Global Capital Corp. (the “Corporation”), an investment company whose primary objective is to identify promising companies with excellent projects, innovative technologies, or both, is pleased to announce that on August 6, 2024, staff of the Ontario Securities Commission granted a full revocation of the failure to file cease trade order (the “CTO”) that was previously issued against the Corporation on May 7, 2024.
The Corporation had been subject to the CTO for failing to meet the deadlines to file its annual audited financial statements for the year ended December 31, 2023, the related management's discussion & analysis and the CEO and CFO certifications (collectively, the “Annual Filings”) as well as its unaudited interim financial statements for the quarter ended March 31, 2024, the related management's discussion and analysis and the CEO and CFO certifications (together with the Annual Filings, the “Required Filings”).
The Corporation completed its Required Filings on August 2, 2024, and copies of such filings are available under the Corporation's profile on SEDAR+ at www.sedarplus.ca.
The Corporation would also like to provide the following updates:
| (i) | In connection with the Corporation’s change of business transaction (the “COB”), the Corporation acquired 10% of the issued and outstanding securities in the capital (the “BAM Interest”) of Blockchain Assets Management Group Limited (“BAM”) in exchange for the issuance of an aggregate of 99,554,560 common shares (the “BAM Shares”) in the capital of the Corporation. During the auditing process of the Annual Filings, the Corporation became aware of the fact that BAM’s operations were suspended due to legal and regulatory changes in China. As a result of the disclosure, the Corporation has reversed its acquisition of the BAM Interest and has demanded that the BAM Shares be immediately returned to the Corporation for cancellation. |
| (ii) | As part of the COB, the Corporation undertook a private placement of an aggregate of 2,166,667 units (the “Units”) at a price of $0.30 per Unit for aggregate gross proceeds of $650,000. Each Unit was comprised of one (1) common share (the “Private Placement Shares”) and one (1) common share purchase warrant (“Warrant”). Each Warrant entitles the holder thereof to purchase one (1) common share at an exercise price of $0.35 per Warrant at any time until 5:00 p.m. on December 12, 2025. The proceeds were not forwarded on the closing of the COB due to currency regulations in China. The Corporation was given numerous assurances that the funds would be arriving but to date, no funds have been received by the Corporation. As such, the Corporation has terminated the private placement, cancelled the Warrants and demanded that the Private Placement Shares be immediately returned to the Corporation for cancellation. |
| (iii) | The Board of Directors has appointed Mr. Jim Hughes as director. Mr. Hughes has extensive experience in the securities industry from being an Exchange Broker at Harlow Meyer Savage , Head of Sales for Skylon Capital and co-founder of Fairway Capital and All Group Financial Services. Throughout his career, Mr. Hughes has obtained expertise in strategic business growth, mergers and acquisitions, capital market strategies, raising financing, going public transactions, etc. |
| (iv) | Mr. Alex MacKay has been appointed Interim Chief Executive and Financial Officer of the Corporation. Mr. MacKay’s appointment was the result of the directors terminating the appointment of Mr. Philip Wong as Chief Executive Officer and Mr. Leo Choi as Chief Financial Officer. |
| (v) | The Corporation entered into a secured revolving line of credit facility on July 23, 2024 (the “Credit Facility”) with an arm’s length third party. The Credit Facility cannot exceed $200,000 at any given time, has a maturity date of August 1, 2024, bears interest at a fixed annual rate of 14.96% and is secured against all of the assets of the Corporation. The Corporation will use the Credit Facility to pay outstanding liabilities and for general working capital. |
About Blue Horizon
Blue Horizon is an investment company whose primary objective is to identify promising companies with excellent projects, innovative technologies or both, using management’s extensive experience in deal sourcing and capital combination to maximize returns for its shareholders. Blue Horizon will invest its funds with the aim of generating returns from capital appreciation and investment income. It intends to accomplish these goals through the identification of and investment in securities of private and publicly listed entities across a wide range of sectors and industry areas, including but not limited to the technology, software development and biotechnology industries.