Seed Innovations Ltd - investor with focus on medical cannabis - Notes that investee Inveniam Capital Partners Inc has completed the acquisition of Factom Inc's assets.
Inveniam will settle all of Factom's creditor obligations and will to Factom shareholders a fixed number of Inveniam preferred shares. This investment is expected to to have a value of GBP250,000 for Seed.
Seed can also receive an additional future payment in relation to US government contracts held by Factom should future revenue be generated from these contracts.
"Whilst very disappointing to see the final demise of Factom Inc, which has been held at nil value since March 2020, the agreement reached with Inveniam Capital Partners Inc brings what has been a very difficult 18 months for Factom to a close and presents an opportunity for Seed to possibly recoup some of that investment via the preference share holding in Inveniam," says Chief Executive Officer Ed McDermott.
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Year-to-date change: down 5.3%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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