VANCOUVER, June 22, 2018 /CNW/ - In connection with the
acquisition by FogChain Corp. (CSE: FOG) ("FogChain" or the
"Company") of the RadJav rapid application development
platform and other related assets ("RadJav") on June 7, 2018, in a transaction valued at
USD$5,000,000 (CAD$6,486,000), Higher Edge Software, LLC
("Higher Edge"), one of the
vendors of RadJav, was issued 8,236,842 common shares of the
Company (the "Common Shares") at a deemed value of
CAD$0.615 per Common Share,
representing approximately 11.71% of FogChain's 70,343,098 issued
and outstanding Common Shares.
The Common Shares are held by Higher
Edge for investment purposes. Depending on market and other
conditions, Higher Edge may,
directly or indirectly, acquire ownership or control over
additional shares of FogChain, through market transactions, private
agreements or otherwise, in accordance with applicable securities
legislation. Depending on market and other conditions, Higher Edge may sell any of their shares of the
Company.
This press release is issued pursuant to the early warning
requirements of National Instrument 62‑103 and National
Instrument 62-104, which requires an early warning report to be
filed with the securities regulatory authorities in each of the
jurisdictions containing additional information with respect to the
foregoing matters. A copy of the early warning report will be filed
under the Company's SEDAR profile at www.sedar.com.
SOURCE Higher Edge Software, LLC