BitGold Inc. (XAU.V) (“BitGold”), a platform for savings and payments in gold, announces that it has entered into an Acquisition Agreement to purchase the operating and intellectual property assets of GoldMoney Network Limited (“GoldMoney”), subject to regulatory approvals and other customary closing conditions. With over CAD 1.5 billion in assets under vault management GoldMoney is among the world’s largest private managers of precious metal assets, renowned for its innovation and integrity in the gold market.
Upon closing of the Acquisition Agreement, BitGold will acquire the intellectual property and operating assets of GoldMoney in exchange for the issuance of 11,169,794 common shares in BitGold, valuing the transaction at CAD 51.9 million based on BitGold’s CAD 4.65 closing price on May 21st. The transaction is expected to close within 60 days. Potential benefits to shareholders include:
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