Global Care Capital Inc. has entered into a letter of intent (LOI) for the acquisition of ASIC Power Co. in exchange for securities of Global Care. Global Care Capital is an international global investment company that invests in early-stage private and public companies. Meanwhile, ASIC Power Co. is the first crypto company in the industry to combine the state of the art ASIC chips with royalty streaming contracts.
The terms of the LOI include Global Care issuing an aggregate of 100,000,000 common shares to the shareholders of ASIC at a reasonable price of $0.095 per consideration share. There will be no holding period for the consideration share under the conditions of securities laws.
The terms outlined in the LOI are subjected to both parties entering into a definitive agreement, according to the conditions where both parties mutually agree.
The LOI further includes other conditions including the completion of due diligence, compliance with all applicable regulatory requirements, and receipt of all necessary regulatory, corporate, third-party, board. It will also require the approvals of shareholders, including the approval of the Canadian Securities Exchange.
In a statement release, Alex Somjen, CEO of Global Care, stated:
ASIC provides mining companies with its innovative crypto mining streaming contracts. The company further intends to identify cost-effective, renewably powered mining operations to implement new financing strategies in the form of royalties, etc.
Daniel Novak, co-founder & CEO of ASIC Power Company, said:
The purpose of the acquisition is to provide the shareholders of Global Care Capital an exposure to the cryptocurrency mining industry and market.