8th March 2021
Helix Seeks To Expand Blockchain Business And Announces Non-Binding Memorandum Of Understanding with cryptocurrency brokerage company, GlobalBlock Limited.
VANCOUVER, BC, March 8, 2021 /CNW/ - Helix Applications Inc. (TSXV: HELX) (the " Company " or " Helix ") has signed a non-binding Memorandum of Understanding (" MOU ") with GlobalBlock Limited (" GlobalBlock ") dated effective March 4 , 2021. Global Block is a fast-growing, UK-based digital asset broker. Helix and GlobalBlock have agreed to work together exclusively for a period of time to negotiate a potential business combination (a " Potential Transaction ").
Rufus Round , Helix CEO, said:
"Helix has long recognized the enormous potential for growth in the digital tokenized economy and GlobalBlock is well positioned to benefit from making it more accessible for so many. The GlobalBlock team have a wealth of entrepreneurial experience in the trading, broking and regulation of legacy financial instruments and we are confident that if we can consummate a Potential Transaction, then we can support them in maximizing their opportunity for growth as well as capitalizing upon Helix's currently held Blockchain related assets."
Karl Thompson , GlobalBlock Director, added:
"We are excited about the potential of working with Helix to invest and capitalize on this opportunity and to position ourselves as a leader in the digital asset broking market."
GlobalBlock, has been operational since 2018 and offers institutional, private and corporate clients the ability to buy and sell cryptocurrencies via its own dedicated digital asset trading platform, making the market more accessible and efficient to all. Should the parties be able to come to definitive terms on, and complete, a Potential Transaction, it would combine GlobalBlock's business with Helix's commitment to digital platforms.
The MOU sets forth the mutual understanding and intention between Helix and GlobalBlock with respect to any Potential Transaction and the basis with how they intend to work together over the next seven weeks. Execution of binding documentation in respect of a Potential Transaction is subject to applicable regulatory approvals (including TSX Venture Exchange approval) and the following: (a) completion of satisfactory due diligence by each of the parties, (b) negotiation of definitive terms of a Potential Transaction, recognizing that it is currently contemplated that Helix would acquire 100% of GlobalBlock in exchange for an amount of Helix common shares to be no more than 50% of the outstanding common shares of Helix upon completion of any Potential Transaction, (c) Helix understanding GlobalBlock's financial requirements and negotiation of any necessary cash injections into GlobalBlock in the short term, and (d) final approval by the Board of Directors of each of Helix and GlobalBlock. GlobalBlock and Helix are at arm's length.
Investors are cautioned that there can be no assurance that a Potential Transaction will be completed as proposed, or at all. Trading in the securities of the Company should be considered highly speculative.