VANCOUVER, BRITISH COLUMBIA, Voleo Trading Systems Inc. (TSX-V:TRAD) (the “Company”, and formerly known as Logan Resources Ltd.) is pleased to announce that it has closed the business combination of Voleo, Inc. (“Voleo”) and the Company (the “Transaction”) and the net escrowed proceeds from the previously announced offering of subscription receipts will be released to the Company. On the closing of the Transaction, the Company changed its name to Voleo Trading Systems Inc. and consolidated its issued and outstanding common shares on the basis of one post-consolidation share for every five pre-consolidation shares. Voleo, Inc. is now a wholly-owned subsidiary of the Company.
Trading of the Company’s common shares will resume at the opening on May 31, 2019 under the ticker symbol “TRAD” on the TSX Venture Exchange.
Release of Escrowed Proceeds of the Offering
The net proceeds from the previously announced Offering have been released to the Company. The net proceeds of the Offering will be used to further the business objectives of Voleo of developing and commercializing its mobile-first, web enabled, equity trading platforms, including marketing, customer acquisition, technical development, strategic partnerships and general & administrative expenses.
Closing of the Business Combination Transaction
The Company has closed the previously announced Transaction. Pursuant to the Transaction, the Company consolidated its outstanding common shares on a 5:1 basis, changed its name to “Voleo Trading Systems Inc.” and Voleo Inc. has become a wholly-owned subsidiary of the Company. The common shares of the Company will commence trading on the TSX Venture Exchange as a Tier 2 technology issuer under the symbol “TRAD” on May 31, 2019. After giving effect to the Transaction and the Offering, there will be 107,531,172 common shares of the Company issued and outstanding (calculated on a non-diluted basis).
Prior to the closing of the transaction, the Company issued 2,242,200 common shares (post-consolidation) to settle outstanding debt of $560,500 due to King & Bay West Management Corp. and 326,150 common shares (post-consolidation) to Liberty Gold Corp. to settle outstanding debt. The Company has also issued a total of 3,854,000 stock options to directors, officers, employees and consultants exercisable at $0.25 for a five year period.
New Board of Directors and Management Team
The Company welcomes a new board of directors and management team. Mark J. Morabito, Jay Sujir, Glen Wilson, Nicky Senyard, Brad Wiggins and Mark Lotz have been appointed as the new directors of the Company. Mr. Morabito has been appointed as Executive Chairman and Mr. Thomas Beattie has been appointed as Chief Executive Officer. Additional officer appointments include Kate-Lynn Genzel as Chief Financial Officer and Lara Wilson as Corporate Secretary.
Additional information as required can be found in the Logan Management Information Circular dated May 30, 2018 (the “Information Circular”), the Short Form Prospectus dated April 17, 2019 (the “Prospectus”) and documents incorporated by reference therein and available on SEDAR at www.sedar.com or will be provided by way of a subsequent news release or material change report. Trading in the common shares of the Company on the Exchange will remain halted until such time as the requirements of the Exchange are met.
Investors are cautioned that, except as disclosed in the Information Circular and the Prospectus, and press releases of Voleo or Logan, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Logan should be considered highly speculative.
The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
About Voleo Trading Systems Inc.
Voleo is a Canada-based mobile fintech company that is transforming the retail investing space through its powerful, collaborative investing platform. Voleo's equity trading platform operates on native iOS and Android devices, as well as a companion web application. Voleo has increased retail investor participation in the stock market by breaking down barriers to entry, facilitating trust and improving financial literacy. The product is being white-labeled by major financial institutions around the world as an innovative product to engage, retain and acquire retail customers.
For more information on Voleo, please visit our Investor Relations website at ir.myvoleo.com.
LOGAN RESOURCES LTD.
On behalf of the Board
“Mark J. Morabito”
|Voleo is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.|
For further information regarding this news release, please contact:
Investor Relations Contact:
KIN Communications Inc.
Caleb Jeffries, VP, Investor Relations
Cautionary Note Regarding Forward-Looking Information
Certain statements contained in this release constitute forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. Such forward-looking statements relate to future events or Voleo Trading Systems Inc’s (the “Company”) future performance and the integration of cryptocurrency trading. All statements other than statements of historical fact may be forward-looking statements. Such forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Voleo believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this release should not be unduly relied upon. These forward-looking statements speak only as of the date of this release, or as of the date specified in the documents incorporated by reference into this release, as the case may be. In particular, this release contains forward-looking statements pertaining, but not limited to: expectations as to future operations of the Company, future market trends, growth opportunities, the Company’s go to market strategy, future partnerships, new initiatives and innovations of the Company, product offerings, the expected operations and performance of the Company’s business, use of proceeds of the Offering, expected user growth, and the timing of key development milestones.
With respect to forward-looking statements contained in this release, the Company has made assumptions regarding, among other thing: the accuracy, reliability and applicability of the Company’s business model; the timely receipt of governmental approvals, including the receipt of approval from regulators in Canada and the United States; the timely commencement of operations by the Company and the success of such operations; the ability of the Company to implement its business plan as intended; the legislative and regulatory environments of the jurisdictions where the Company will carry on business or have operations; the impact of competition; and the availability of financing to execute the business plan. The Company has included the above summary of assumptions and risks related to forward-looking statements provided in this release in order to provide investors with a more complete perspective on the Company’s current and future operations and such information may not be appropriate for other purposes.
Readers are cautioned that the foregoing lists of factors are not exhaustive and it would be unreasonable to rely on any such forward-looking statements and information as creating any legal rights, that the statements and information are not guarantees and may involve known and unknown risks and uncertainties, and that actual results may differ (and may differ materially) and objectives and strategies may differ or change from those expressed or implied in the forward-looking statements or information as a result of various factors. The forward-looking statements contained in this release are expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company is not under any duty and do not undertake any obligation to publicly update or revise any forward-looking statements after the date of this release or to conform such statements to actual results or to changes in the Company’s expectations and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.