Prodigy announces closing of acquisition of FICANEX Technology

Toronto, july 30, 2021 /cnw/ – prodigy ventures inc. (tsxv: pgv) (“prodigy” or the “corporation”) is thrilled to announce that these days it has completed the previously announced acquisition of ficanex generation restricted partnership (“ficanex era”), a fintech.

Pursuant to the terms of the unit purchase settlement whereby an entirely-owned subsidiary of prodigy has acquired all of the excellent devices of ficanex era, on remaining the business enterprise has issued the carriers an aggregate of 26,666,667 devices (“prodigy units”) in the capital of prodigy. Each prodigy unit consists of one not unusual proportion of the organisation (a “common proportion”) and zero.15 of a common share purchase warrant (every entire warrant, a “warrant”).

Every warrant is exercisable to acquire one not unusual proportion at a price of $zero.25 for a duration of two years from the ultimate of the transaction, furnished that if, at any time prior to the date that is 2 years from the remaining date, the quantity weighted common buying and selling price of the common stocks at the tsx project exchange, or other important alternate on which the commonplace shares are listed, is extra than $0.35 for 20 consecutive trading days, the corporation might also, within 15 days of the incidence of such occasion, deliver a notice to the holders of warrants accelerating the expiry date of the warrants to the date this is forty five days following the date of such word (the “multiplied exercise length”). Any unexercised warrants shall robotically expire at the stop of the increased exercise period.

The vendor receiving the greatest quantity of prodigy devices in reference to the final touch of the transaction, ficanex services confined partnership, has the ability to appoint one director to the prodigy board of directors that is appropriate to the prodigy board. Tom beckerman, the business enterprise’s chief government officer, has agreed to vote all not unusual stocks over which he has vote casting manipulate (approximately 64.Eight% of the top notch not unusual shares) in favour of such nominee. This settlement will remain in impact for a duration of 24 months, until terminated in advance in accordance with the phrases of the agreement.

The transaction is arm’s period and no finder’s expenses have been paid in appreciate of the transaction.

In connection with the transaction, the company’s leader govt officer, tom beckerman has filed an early warning file under the enterprise’s profile on www.Sedar.Com as summarized under. This press release is being disseminated as required via country wide device 62-103, the early warning device and associated take-over bids and insider reporting troubles in connection with the filing of an early caution record.

Tom beckerman of eighty two kilbarry street, toronto, ontario m5p 1k7 owns 78,774,816 common stocks in the capital of the employer (at once and through his rrsp). Similarly, mr. Beckerman controls a further 14,202,274 common stocks pursuant to a balloting accept as true with agreement entered into with certain shareholders (who’re collectively referred to herein as “voting believe shareholders”).

Due to prodigy gadgets issued in reference to the transaction described above, the percentage of common shares of the business enterprise owned or controlled by mr. Beckerman decreased from 79.7% to 64.Eight% as calculated in accordance with country wide tool 62-104 take-over bids and insider bids (“ni 62-104”). In mr. Beckerman’s most lately filed early warning report he owned or managed 80.7% of the not unusual shares and the ensuing 15.Nine% discount (which is the result of a mixture of previous decreases of stocks issue to balloting accept as true with agreements and increases to the variety of issued and outstanding not unusual stocks) has resulted in the requirement to record this file.

Straight away before the transaction that induced the requirement to record the file, mr. Beckerman owned or controlled a complete of 92,977,090 not unusual stocks representing seventy nine.7% of the issued and superb commonplace shares as calculated in accordance with ni sixty two-104. At once following the transaction that caused the requirement to report the record, mr. Beckerman owned or managed a complete of 92,977,090 commonplace shares representing 64.8% of the issued and first rate not unusual stocks as calculated according with ni 62-104.

Neither mr. Beckerman, nor to the understanding of mr. Beckerman, any relevant vote casting consider shareholders, have a gift aim to accumulate or take away extra securities. Such purpose might also trade relying on various factors consisting of, without challenge, the agency’s economic role, the charge levels of the commonplace shares of the corporation, conditions inside the securities markets and widespread financial and enterprise conditions, the organisation’s enterprise or economic situation, and other factors and situations mr. Beckerman and/or the vote casting accept as true with shareholders deem appropriate, mr. Beckerman and/or the voting trust shareholders can also acquire or dispose of extra securities in the future however haven’t any modern plans or future intentions to achieve this. The vote casting believe shareholders may take away their shares at any time with out the approval of mr. Beckerman.

Prodigy delivers fintech innovation. The organization provides main side systems, which include idverifact™ for virtual identity, and new fintech systems for open banking and bills. Our offerings business, prodigy labs™, integrates and customizes our platforms for specific business enterprise customer necessities, and affords era services for digital identity, payments, open banking and virtual transformation.

Virtual transformation offerings consist of method, structure, layout, assignment control, agile improvement, satisfactory engineering and personnel augmentation. Prodigy has been identified as certainly one of canada’s quickest growing corporations with a couple of awards: deloitte’s speedy 50 canada and fast 500 north the us (2016, 2017, 2018), branham 300 (2017, 2018), boom list (2018, 2019 and 2020), and canada’s pinnacle growing corporations (2019 and 2020).

Ficanex technology empowers financial services providers to boost up innovation by using offering next-technology digital services in assist of monetary establishments across canada, allowing them to efficiently compete inside the virtual era. Ficanex technology has its roots in collaboration and evolved and helps the tunl. Fintech integration marketplace and open banking platform. These days, ficanex generation is well known for its tunl.Chat answer and its innovative roadmap that specializes in operational efficiency and handing over an stepped forward purchaser enjoy for financial institutions of all sizes across canada.

Positive records set out on this information launch constitutes ahead-searching records. Ahead looking statements are often, however no longer always, diagnosed by using the usage of phrases which include “are seeking for”, “expect”, “plan”, “preserve”, “estimate”, “count on”, “may additionally”, “will”, “intend”, “ought to”, “may”, “ought to”, “trust” and comparable expressions. Forward searching statements on this press launch include statements regarding the anticipated blessings of the transaction.

Even though the enterprise believes that the expectancies contemplated in such ahead-looking statements are primarily based upon affordable assumptions, and that statistics received from 0.33 celebration assets is reliable, they are able to provide no guarantee that those expectations will prove to had been accurate. Readers are cautioned no longer to location undue reliance on ahead-looking statements included in this report, as there may be no guarantee that the plans, intentions or expectations upon which the forward-searching statements are primarily based will arise.

By using their nature, ahead-searching statements involve numerous assumptions, known and unknown dangers and uncertainties that make a contribution to the opportunity that the predictions, forecasts, projections and different ahead-looking statements will now not occur, which might also cause real outcomes in future intervals to differ materially from any estimates or projections of destiny performance or effects expressed or implied by such ahead-searching statements.

Those dangers and uncertainties consist of, amongst different things, threat factors set forth in the corporation’s control’s discussion and analysis for the three months ended march 31, 2021, a replica of that’s filed on sedar at www.Sedar.Com. Readers are recommended that this list of threat factors ought to now not be construed as exhaustive. Those statements are made as at the date hereof and until otherwise required by regulation, the employer does now not intend, or count on any responsibility, to update those forward-searching statements.

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