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Blue Sky Energy announces that RTO Target, EV Technology Group Inc., has terminated a $ 5.4 million simultaneous loan, Canadian Business Journal

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Toronto, March 15, 2022 (GLOBE NEWSWIRE) — Blue Sky Energy Inc. (“”BSI”) (NEX: BSI) is EV Technology Group Inc. (“)EVT”) Has terminated the first tranche of simultaneous subscription receipt finance (“”).Financing”) At a subscription price of C $ 1 per subscription receipt (“”Subscription receipt”) Total income of C $ 5.4 million.

As disclosed in a press release on January 19, 2022, BSI has entered into a merger agreement with EVT with the aim of completing a reverse acquisition transaction through the merger of the three corners (“merger“) EVT (“RTOAs a result, (i) EVT will become a wholly owned subsidiary of BSI and (ii) BSI will change its name to “EV Technology Group Inc.”. (“”name Change“) And run the EVT business as an issuer resulting from RTO (“Result publisher“). Completion of funding represents an important milestone for closing the RTO, at which point it is expected that the resulting common stock of the issuer will be listed on the Neo Exchange Inc. transaction. (“”NEO“).

Both BSI and EVT have already secured the necessary shareholder approvals associated with RTOs. BSI will hold its annual and special shareholders’ meetings on February 17, 2022, with BSI shareholders approving, among other things, the name change, the slate of new directors joining the board at the end of the RTO, and the integration of common stock. Did. BSI stock (“BSI stock”) Delisting of BSI shares from the TSX Venture Exchange, up to 4: 1 (“”TSXV“). EVT held its annual shareholders meeting on March 1, 2022, with EVT shareholders approving the proposed merger. BSI and EVT will continue to complete the remaining terms for closing the RTO and will provide further updates on the status and timing of the RTO in the coming weeks, including additional financing tranches.

“It’s great to have completed funding to show the support we received from investors who continue to support our vision of adopting and electrifying iconic brands. It’s a symbol of the world. It will be the first step for many to embark on our mission to electrify our driving experience, “said Wouter Witvoet, founder and CEO of EVT.

Subscription receipts were created and issued between BSI, EVT, and the Subscription Receipt Agent in accordance with the terms of the Subscription Receipt Agreement dated March 15, 2022. Each subscription receipt is automatically redeemed and identified as part of EVT common stock equal to 1 / 4.7 (or approximately 0.21276596 of EVT common stock) without additional consideration or additional action by its owner. Will be adjusted. Certain conditions that precede the RTO, as well as certain other ancillary conditions that are customary for this type of transaction (collectively).Release conditions”) Release deadline on July 13, 2022 or earlier. Each EVT common stock will be automatically exchanged for 4.7 common stock of the result issuer upon completion of the RTO, and the holder of the subscription receipt will ultimately be entitled to one result. Issuer common stock of each subscription receipt.

At the end of the funding, the total revenue from the funding will be distributed and retained by Escrow’s Subscription Receipt Agent and will be released by Escrow to EVT if the applicable release conditions are met prior to the release deadline. If the release conditions are not met before or before the release deadline, EVT announces that it does not intend or cannot meet the release conditions. The Subscription Receipt Owner is entitled to receive from the Subscription Receipt Agent an amount equal to the total subscription price of the Subscription Receipt.

Net funding is expected to be used by the resulting issuer for corporate and general working capital purposes.

In connection with its commercial deployment plan, EVT has launched a 12-month programmatic digital advertising campaign with Native Ads Inc. (“Native advertising“) The total cost is $ 250,000. This comprehensive advertising program is designed to raise awareness through the following services: (a) Digital Advertising (b) Paid Delivery, (c) Media Purchases, () d) Content creation.

About EV Technology Group Inc.

EVT was founded in 2021 with the mission of inspiring an iconic driving experience. In the case of an electric vehicle (“EVEVs are expected to revolutionize the situation for traditional automakers, as sales are projected to increase by 833% over the next 10 years. While some new entrants in this area are focused on competing directly with existing automakers, EVTs have higher margins and higher capital spending than electric vehicles in the mass market. Focuses on the operation of EV brands and EV assemblies in a small niche market. The first step in achieving this strategy is the partnership between EVT and MOKE International Limited (“)MIL“). MIL has been the official producer of MOKE vehicles since 1964 and will launch the Moke Electric in the summer of 2022. Through Moke France SAS, a subsidiary of EVT, EVT has become a dealer and sales partner for MIL in France, a MOKE vehicle for distribution and rental in France.

About Native Ads Inc.

Native Ads is a full-service advertising agency that owns and operates its own ad exchange with over 80 integrated supply-side platforms (SSPs), with daily access to 3-7 billion ad impressions in North America.

For more information, please contact:

Blue Sky Energy Co., Ltd.

Kenny Choi
Chief executive officer
Blue Sky Energy Inc. kenny.choi@fmresources.ca 416 861 2262

EV Technology Group Co., Ltd.

Wouter Witvoet
EV Technology Group Inc. CEO and Chairman wouter@evtgroup.com

In accordance with TSXV’s policy, BSI shares are currently suspended and are expected to remain suspended until BSI is delisted from TSXV. Completion of an RTO is subject to several conditions, including, but not limited to, NEO approval and receipt of applicable corporate approval. There is no guarantee that the RTO will not complete as suggested or at all. Investors may not be accurate or complete in the information released or received with respect to the RTO unless disclosed in the BSI Management Information Circulation or the Result Issuer’s List Statement produced in connection with the RTO. Yes, not trusted. Neither TSXV nor NEO have inherited the benefits of RTOs and have neither approved nor disapproved the content of this press release.

Delisting BSI shares from TSXV is subject to all TSXV requirements. Neither TSXV nor its regulatory service provider (the term is defined in TSXV’s policy) is responsible for the validity or accuracy of this release.

This press release does not constitute an offer to sell or solicit an offer to sell the securities described in this document in the United States. The security was not registered under the Securities Act of 1933 and will not be registered in the future.US Securities Act”) Or state securities law, registered under US securities law and applicable state securities law, or offered or sold to the United States or Americans unless an exemption from such registration is available. I can not do it.

Information about the future outlook

This press release contains a statement containing information on future prospects that reflect the current views and / or expectations of BSI and EVT management, respectively, regarding performance, business, and future events. This includes, but is not limited to, explicit or implied statements and assumptions. Completion of RTO as suggested or at all. Forward-looking information is based on current expectations, beliefs, assumptions, estimates and forecasts of the businesses, industries and markets in which BSI and EVT operate, respectively. Statements containing forward-looking information do not guarantee future performance and involve risks, uncertainties, and assumptions that are difficult to predict and beyond the control of BSI. In particular, we do not guarantee that the conditions for completion of the RTO will be met or that the resulting issuer will be able to achieve its business goals. Actual results may vary and may differ materially from those predicted by forward-looking information. Therefore, the reader should not place undue reliance on the forward-looking statements and information in this document. These statements are fully qualified by this note. Forward-looking information contained in this press release is provided as of the date of this press release, and both BSI and EVT are forward-looking statements made here unless required by the relevant securities. We are not obligated to publish any revisions to update the description regarding. law.


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Blue Sky Energy announces that RTO Target, EV Technology Group Inc., has terminated a $ 5.4 million simultaneous loan, Canadian Business Journal

Source link Blue Sky Energy announces that RTO Target, EV Technology Group Inc., has terminated a $ 5.4 million simultaneous loan, Canadian Business Journal

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