TSX-V Symbol: HELX
VANCOUVER, BC, April 12, 2021 /CNW/ - Helix Applications
Inc. (TSXV: HELX) (the "Company" or "Helix")
continues to advance due diligence and progress exclusive
negotiations with UK-based crypto-asset broker GlobalBlock Limited
("GlobalBlock"). The Company is pleased to announce that it
has provided a £750,000 loan facility to GlobalBlock (the
"Loan"), which should enable GlobalBlock to continue to
expand its business.
Rufus Round, Helix CEO, said:
"Cryptocurrency markets have doubled to US$2 trillion so far in 2021 and this Loan should
enable GlobalBlock to capitalize on this growth as it provides
capital to targeted marketing and increased trading, and
furthermore reflects the potential benefit to both Helix and
GlobalBlock of a Potential Transaction."
David Thomas of GlobalBlock,
added:
"This significant cash injection will allow us to accelerate
growth through marketing exposure to the expanding UK interest in
crypto-assets. Enhanced trading capacity along with our commitment
to customer service will bolster and extend the lifetime value of
our trading and investment community, while we seek to maximize
return on investment."
As announced on March 8, 2021,
Helix and GlobalBlock have entered into a non-binding Memorandum of
Understanding to work together exclusively for a period of time to
negotiate a potential business combination (a "Potential
Transaction"). The Loan funds are to be used by
GlobalBlock to expand its business, specifically by increasing
their trading capacity (including through its recently launched
dedicated electronic trading platform) and by undertaking a
targeted marketing campaign in the UK.
GlobalBlock, has been operational since 2017 as a
crypto-asset broker that provides retail and institutional
investors with a service driven solution to trade crypto-assets.
GlobalBlock was founded by established London, City-based entrepreneurs who teamed up
to bring a better, more transparent and cost-efficient alternative
for trading crypto-assets to the marketplace.
The Loan is unsecured, matures after one year and bears interest
at a rate of 10% per annum. The Loan also contains a
conversion feature whereby Helix has the option to convert the
outstanding loan into a 10% equity interest of GlobalBlock, in
certain circumstances, such as GlobalBlock not repaying the Loan on
the maturity date, or in the event of a change of control of
GlobalBlock not involving Helix.
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. GlobalBlock
and Helix are at arm's length. Globalblock has obtained temporary
registration under the Money Laundering, Terrorist Financing and
Transfer of Funds (Information on the Payer) Regulations 2017
(MLRs) as a crypto-asset firm, pending the determination of its
formal application by the Financial Conduct Authority in the
United Kingdom.
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.
ABOUT HELIX
Helix is a blockchain application and technologies developer,
listed on the TSX Venture Exchange (TSX Venture: HELX).
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Certain information set out in this news release constitutes
forward-looking statements or information. Forward looking
statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "plan", "continue", "estimate",
"expect", "may", "will", "intend", "could", "might", "should",
"believe" and similar expressions. In particular, this news release
contains forward-looking statements in respect of among other
things, the ability of the parties to complete due diligence to
their satisfaction, the ability of the parties to come to
definitive terms for a Potential Transaction, the ability of the
parties to negotiate definitive documentation for a Potential
Transaction, the ability to obtain regulatory approval (including
TSX Venture Exchange approval) for a Potential Transaction, the
continued and successful development of the businesses of each of
Helix and GlobalBlock, the ability of GlobalBlock to obtain the
applicable regulatory approvals (including permanent registration
with the Financial Conduct Authority in the United Kingdom) to continue to conduct its
business, and other information concerning the intentions, plans
and future action of the Company and its technologies and products
described herein. Forward-looking statements are based upon the
opinions and expectations of management of the Company as at the
effective date of such statements and, in certain cases,
information provided or disseminated by third parties. Although the
Company believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
and that information obtained from third party sources is reliable,
they can give no assurance that those expectations will prove to
have been correct. Readers are cautioned not to place undue
reliance on forward-looking statements included in this document,
as there can be no assurance that the plans, intentions or
expectations upon which the forward-looking statements are based
will occur. By their nature, forward-looking statements involve
numerous assumptions, known and unknown risks and uncertainties
that contribute to the possibility that the predictions, forecasts,
projections and other forward-looking statements will not occur,
which may cause actual results in future periods to differ
materially from any estimates or projections of future performance
or results expressed or implied by such forward-looking statements.
These risks and uncertainties include, among other things, risk
factors set forth in the Company's most recent management's
discussion and analysis, a copy of which is filed on SEDAR at
www.SEDAR.com, and readers are cautioned that the risk factors
disclosed therein should not be construed as exhaustive. These
statements are made as at the date hereof and unless otherwise
required by law, the Company does not intend, or assume any
obligation, to update these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Helix Applications Inc.
