Welcome!

News Feed Item

Blox, Inc. Announces Closing of Amalgamation, US$1 Million Private Placement, and Appointment of New Officers and A Director

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/06/14 -- Blox, Inc. (OTCQB:BLXX) ("Blox" or the "Company") is pleased to announce it has completed its acquisition of International Eco Endeavors Corp., a private British Columbia, Canada corporation ("Eco Endeavors"), on February 27, 2014, pursuant to the terms of an amalgamation agreement, as amended (the "Amalgamation Agreement"), among Blox, Ourco Capital Ltd. ("Ourco"), Blox's wholly-owned subsidiary, Eco Endeavors, and two affiliated subsidiaries of Eco Endeavors. Blox closed the Amalgamation Agreement and completed the amalgamation of Ourco and Eco Endeavors under the name "Blox Energy Inc." ("Amalco"), thereby acquiring all of the issued and outstanding shares of Amalco on February 27, 2014. Following the amalgamation, Blox became a renewable energy company that indirectly owns an operating biogas plant in Hungary. Blox is also engaged in the development of other renewable energy projects and intends to expand into the provision of renewable energy services by applying sustainability initiatives to the industries of mining, technology, and infrastructure development.

Pursuant to the terms of the Amalgamation Agreement, and on the closing date thereof, all of the issued and outstanding common shares of Eco Endeavors were cancelled, and the former shareholders of Eco Endeavors received in exchange 60,000,000 units of Blox on a pro rata basis. Each unit consists of one common share and one share purchase warrant, each warrant exercisable into an additional common share of Blox at an exercise price of US$0.05 per share for a period of five years from the closing date. Based upon the price of the concurrent financing of US$0.05 per unit, the aggregate value of the common shares issued to the former Eco Endeavors shareholders was US$3,000,000.

In connection with the closing of the Amalgamation Agreement, Blox completed a non-brokered private placement, pursuant to which Blox issued an aggregate of 20,000,000 units at a price of $0.05 per unit for gross proceeds of US$1,000,000. Each unit consisted of one common share and one share purchase warrant, each warrant entitling the holder to acquire an additional common share at the exercise price of US$0.05 for a period of five years from the closing of the financing.

"The completion of this transaction serves as a significant milestone in the foundation of Blox," says the Company's new President and Chief Executive Officer, Robert Abenante. "As we proceed with our planned acquisitions, we are confident the continued growth will enable us to capitalize on many global opportunities." Blox anticipates closing its acquisition of Quivira Gold Ltd., as announced in its news release dated June 24, 2013, in the coming quarter.

Upon the closing of the Amalgamation Agreement, the Company's board of directors appointed Robert Abenante as a director of Blox and Robert Abenante, Cedric Wilson, and Robert Ironside were appointed directors of Amalco. Effective as of the closing of the Amalgamation Agreement, Ronald Renne resigned from all executive officer positions and Robert Abenante was appointed as Chief Executive Officer and President, Kimberly Gillett was appointed Corporate Secretary, and Marco Parente was appointed as Interim Chief Financial Officer.

"We are pleased to welcome Mr. Abenante and his team to Blox. The amalgamation brings years of experience in the renewable energy industry to the Company and we are confident this transaction will play a significant role in realizing the Blox vision," says the Company's Chairman, Ronald Renne.

Following the closing of the transaction, Blox had 101,572,464 common shares issued and outstanding. Blox anticipates filing a current report on Form 8-K, which will include the information required by a registration statement on Form 10, on EDGAR and SEDAR on or before March 5, 2014. The Form 8-K will include additional details regarding the terms of the Amalgamation Agreement, other agreements entered into pursuant to the Amalgamation Agreement, and financial statements for Eco Endeavors.

FORWARD-LOOKING STATEMENTS

Statements contained herein that are not historical facts may be forward-looking statements within the meaning of the Securities Act of 1933, as amended. Forward-looking statements include statements regarding the intent, belief or current expectations of Blox and its management, such as statements that Blox intends to expand its renewable energy portfolio and Blox anticipates closing its previously announced merger with gold company Quivira Gold Ltd. in the next quarter. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to Blox's ability to obtain additional financing; Blox's ability to satisfy the conditions in the merger agreement with Quivira Gold Ltd.; adverse market conditions; risks inherent in the mining industry in general; and risks relating to mining operations in Ghana. Blox undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in Blox's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact Blox's success are more fully disclosed in Blox's most recent public filings with the U.S. Securities and Exchange Commission.

Contacts:
Blox, Inc.
Robert Abenante
CEO and President
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"Storpool does only block-level storage so we do one thing extremely well. The growth in data is what drives the move to software-defined technologies in general and software-defined storage," explained Boyan Ivanov, CEO and co-founder at StorPool, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Is advanced scheduling in Kubernetes achievable?Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, answered these questions and demonstrated techniques for implementing advanced scheduling. For example, using spot instances and co...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.