- CannaOne (CNNA) has signed a memorandum of understanding to acquire 51 per cent of Direct Agent 5
- DA5 is a forex and remittance provider that processed more than 1.4 million transactions totalling US$500 million in 2020
- CannaOne issued 11,823,880 common shares valued at US$7.89 million for its majority stake in DA5
- CannaOne Technologies focuses on developing and deploying its proprietary online marketplace platform
- CannaOne (CNNA) closed trading up 2.83 per cent at C$1.09 per share
CannaOne (CNNA) has signed a memorandum of understanding to acquire 51 per cent of Direct Agent 5.
DA5 is a Philippines-based forex and remittance provider that processed more than 1.4 million transactions totalling US$500 million in 2020.
It has a 15-year operating history with over 2,350 physical locations throughout the country.
Its services include prepaid and loan disbursement for external micro-lending companies, as well as a mobile app with cryptocurrency trading and various digital payment channels.
CannaOne issued 11,823,880 common shares valued at US$7.89 million to acquire a 51 per cent stake in DA5.
Additionally, CannaOne will grant warrants to purchase 2,000,000 of its shares at an exercise price based on the closing bid price on the date of closing. The warrants will have a 24-month term from the date of issuance.
Raymond Babst, CEO and Founder of Direct Agent 5, commented,
“Since I launched the business in 2006, it has always been my dream to be able to someday introduce DA5 to the rest of the world. This dream will now be a reality in the coming weeks and months. I am very excited with the synergies both DA5 and CannaOne bring to the table that together will make e-payments and crypto exchange services more affordable and accessible to consumers around the world.”
Michael Penner, President and CEO of CannaOne, stated,
“At CannaOne we are seeking to build a single financial technology layer that will connect banks, payment service providers, digital currency exchanges and remittance companies. The DA5 acquisition is a huge milestone for our organization and represents the linchpin transaction that will spearhead the immediate execution and deployment of our global financial ecosystem infrastructure for the digital age.”
In addition, the company has granted 4,300,000 stock options at C$1.06 for a period of five years to certain directors, officers and consultants.
CannaOne Technologies focuses on the development and deployment of its proprietary online marketplace platform. The company seeks to become a global leader in financial technology, solutions and services for merchants as it works hand in hand with select niche banking partners.
CannaOne (CNNA) closed trading up 2.83 per cent at C$1.09 per share.
