- Graph Blockchain (GBLC) has entered into a letter of intent to acquire New World Inc., an augmented reality art-focused NFT company
- New World grants creators, musicians and celebrities access to an NFT distribution canvas to create and sell digital art
- The company expects to pay C$7 million for New World through the issuance of consideration units
- Graph Blockchain provides shareholders with exposure to various areas of decentralized finance
- Graph Blockchain (GBLC) is up by 5.26 per cent and is currently trading at $0.10 per share
Graph Blockchain (GBLC) has entered into a letter of intent to acquire New World Inc., an augmented reality art-focused NFT company.
New World grants creators, musicians and celebrities access to an NFT distribution canvas to create and sell digital art. By selling digital art on a blockchain, artists are able to reach a broader market while securing their gains on a transparent ledger.
Graph expects to pay C$7 million for New World through the issuance of consideration units.
Each consideration unit will consist of one common share priced at $0.13 and a common share purchase warrant.
Each warrant will allow the holder to purchase one additional common share for $0.18 for 24 months following the closing of the offering.
In addition, New World can earn payments of up to $13 million payable in consideration units if it achieves each of the following:
- Net revenue of $1.5 million in 2021 with a minimum net profit percentage of 25 per cent
- Net revenue of $6 million in 2022 with a minimum net profit percentage of 50 per cent
Paul Haber, Graph Blockchain’s CEO, commented,
“One of our goals when we launched Graph into the DeFi space back in March was to position ourselves as more than just a company providing exposure to altcoins. By acquiring New World, we will be able to give our shareholders exposure to the explosive NFT market that just reached over US$2 billion in sales in the first quarter of 2021 [according to CNBC], as we continue to announce major milestones in our journey to build and diversify our DeFi business.”
Graph Blockchain provides shareholders with exposure to various areas of decentralized finance.
Graph Blockchain (GBLC) is up by 5.26 per cent and is currently trading at $0.10 per share as of 9:30 am ET.
