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FastForward Inn Ltd (FFWD)

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Friday 22 June, 2018

FastForward Inn Ltd

Investment in Vogogo Inc. Conv. Debenture Units

RNS Number : 2889S
FastForward Innovations Limited
22 June 2018
 

22 June 2018

 

 

FastForward Innovations Ltd

("FastForward", "FFWD" or the "Company")

 Investment: CAD$2.3million to be invested in Vogogo Inc convertible debenture units

The Board of AIM-traded FastForward Innovations Limited, trading under the symbol FFWD, is pleased to announce that the Company has today subscribed CAD$2.3 million for extendable debentures and warrants in Vogogo Inc. ("Vogogo"), a CSE-listed Canadian technology company focused on the mining, exchange and payments of Crypto-currencies (the "Subscription"). The Subscription will be funded from existing cash resources.

 

Highlights

 

·         Vogogo has completed issue of 34,500 debenture units (of C$1,000 each) ("Units") raising CAD$34.5 million;

·           each Unit consists of $1,000 principal amount of two year Debentures and 1,000 Warrants;

·         interest coupon of 8% per annum on outstanding Debentures, payable semi-annually in arrears on the last day of June and December of each year;

·          net proceeds of the offer will be used to fund the acquisition of certain Cryptocurrency mining assets, as described in the press release of Vogogo dated 19th April, 2018

·         subject to regulatory approval, the Debentures will be convertible into common shares ("Common Shares") of Vogogo at a conversion price of C$0.50 per Common Share;

·        subscribers will be issued 1,000 Common Share purchase warrants ("Warrants") for each C$1,000 principal amount of Debentures purchased;

·          Each Warrant will entitle the holder to acquire one Common Share of Vogogo at a price of $0.70 per share for a period of two years; and

·          if there are an aggregate of 15 days on which the daily volume weighted average price of the Common Shares of Vogogo on the Canadian Stock Exchange ("CSE") (or such other Canadian stock exchange on which the Common Shares may trade) equals or exceeds C$1.10, Vogogo may accelerate the expiry date of the Warrants, upon giving Warrant holders 30 days' advance written notice.

Commenting on the investment Lorne Abony, FastForward's Chief Executive Officer, noted:

 

"Vogogo represents an opportunity to expand on our Blockchain exposure and again we believe we have picked an excellent management team to back. Having tracked the early development of Vogogo we believe that it can generate significant shareholder value. The nature of the investment, structured as a convertible note with warrants, is an attractive way to structure an investment in a cash generating Crypto-currency mining and related technology company, as it provides an 8% annual yield, down-side protection while retaining exposure to the potential upside equity value of Vogogo should the price of Bitcoin appreciate and Vogogo succeed in its future expansion plans. The Board believes in the potential of Blockchain technology and related crypto-currencies and continue to look for further investment opportunities."

 

About Vogogo

 

Vogogo Inc. is focused on information technology investment opportunities that utilize blockchain technology, including cryptocurrency mining for its own account and supporting services such as payments and exchange. The common shares of Vogogo trade on the CSE under the trading symbol "VGO". Vogogo will use the funds from the issue of the Debentures to grow its cryptocurrency mining operations, as well as invest in supporting applications, including a cryptocurrency wallet technology.

 

On 13th March, 2018, Vogogo entered into a share purchase agreement providing for the acquisition of all of the issued and outstanding shares of Crypto 205 Inc. ("Crypto 205") in consideration for the issuance of an aggregate of 130,000,000 Preferred Shares in the capital of Vogogo. Prior to the completion of the Crypto 205 acquisition, Crypto 205 was a privately held company engaged in the business of mining for cryptocurrencies for its own account.

 

On a pro-forma consolidated basis, including the business and results of Crypto 205 as included in Vogogo's Short Form Prospectus dated 14 June 2018, as at 31st  March 2018 Vogogo had Gross Assets of CAD$28.6million and for the quarter ended 31st  March 2018 would have reported net income before tax of approximately CAD$1,144,000.  For further information on Vogogo and its business, operations and investments, as well as its founders and management team, please visit its website at www.vogogoinc.com.  Vogogo's market capitalization as at 21 June 2018, was approximately CAD$68.8 million.

 

For further information on the Company and its investments please visit www.fstfwd.co or contact:

 

FastForward Innovations Limited

[email protected]

Ian Burns/Ed McDermott/Sue Saunders

 

Beaumont Cornish Limited (Nomad)

+44 (0) 207 628 3396

James Biddle/ Roland Cornish

 

Optiva Securities Limited (Broker)

+44 (0) 203 411 1881

Graham Dickson

For further information please visit www.fstfwd.co or contact:

CAUTIONARY STATEMENT

The AIM Market of London Stock Exchange plc does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of Fast Forward Innovations Ltd. There can be no assurance that such statements will prove to be accurate, achievable or recognisable in the near term.

Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Fast Forward Innovations assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

Appendix 1

Glossary of terms

 

 

Blockchain

A distributed digital ledger in which data (and therefore transactions) is recorded sequentially and permanently in blocks. Each new block is linked to the immediately previous block with a cryptographic signature, forming a chain so that peer-to-peer transactions can be facilitated, validated and recorded without the need for a central third party. The distributed digital ledger is not hosted in one location, nor managed by a central party, but is shared and accessed by anyone with the appropriate permissions.

 

Crypto-currency or token

 

A cryptocurrency is a unit of accounting kept on a cryptocurrency blockchain which is a core part of the operating structure of that blockchain. A token is a unit of account kept via a blockchain but not necessarily intrinsic to the blockchains operation such as the Etherium blockchain which has a cryptocurrency called 'etherium' but can keep track of tokens which can be recorded on the Ethereum blockchain that anyone can create, name and record a ledger of.

 

Mining

The process of using computer processing hardware to solve a cryptographic mathematical problem to verify and add newly hashed blocks to a public blockchain. Miners collect transaction fees for the transactions they confirm and are awarded bitcoins for each block they verify.

 

 

 

ENDS

 


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