- Advantagewon Oil has entered into an LOI with Greenfield Investments Ltd.
- Advantagewon will acquire all rights, title and interest to the “Vivo Cubes” brand
- Vivo Cubes (Cubes) is a 100% mobile modular cube that uses solar power to charge a variety of electric vehicles
- Advantagewon intends to position itself as a leading designer and supplier of electric vehicles for urban commuting and transportation
- Advantagewon plans to complete a private placement offering to raise gross proceeds of between C$10,000,000 and C$20,000,000
- Advantagewon is focused on becoming a diverse energy producer. It currently has silos in oil, gas and solar
- Advantagewon Oil Corp. (AOC) opened trading at $0.35 per share
Advantagewon Oil (AOC) has entered into a letter of intent with Greenfield Investments Ltd. to acquire all of the assets that comprise Greenfield’s “Vivo Cubes” brand.
Under the terms of the LOI, Advantagewon will acquire all rights, title and interest to the “Vivo Cubes” brand, an assignment of a licensing agreement between Greenfield and a third party with respect to certain intellectual property relating to the Cubes, an assignment of an exclusive manufacturing agreement between Greenfield and a third party manufacturer for the production of the Cubes and an assignment of an initial purchase order for 50 Cubes.
Advantagewon will issue a certain number of common shares to Greenfield. The exact number will be determined following the completion of mutual due diligence.
Vivo Cubes (Cubes) is a 100% mobile modular cube that uses solar power to charge a variety of electric vehicles. The Licensed IP does not require additional research and development to be applied towards the production of the Cubes, so the corporation expects to commence production and distribution of Cubes immediately after the closing of the transaction.
With the recent investment into Starvolt Power Inc., Advantagewon intends to position itself as a leading designer and supplier of electric vehicles for urban commuting and transportation.
Advantagewon plans to complete a private placement offering to raise gross proceeds of between C$10,000,000 and C$20,000,000. Units will be offered at a price of C$0.30. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire an additional share at a price of C$0.75 per share for a period of two years. The company may accelerate the expiration of the warrants if the daily volume-weighted average trading price of the shares on the CSE equals or exceeds $1.50 for any 10 consecutive days.
The LOI includes a number of conditions to closing and execution of a definitive agreement, including but not limited to, the following:
- The completion of satisfactory due diligence reviews by both the company and Greenfield
- Conditional approval of the CSE
- A change of name of the company, which is currently expected to be “Starvolt Innovations Corp.”
- A reconstitution of the company’s board of directors
- The approval of the shareholders
- The completion of the private placement
The corporation also advises that the previously announced proposed name change and change of its trading symbol to “ERUN” will now occur concurrently with completing the acquisition.
Advantagewon is focused on becoming a diverse energy producer. It currently has silos in oil, gas and solar.
Advantagewon Oil Corp. (AOC) opened trading at $0.35 per share.
