Helix Applications (TSXV: HELX) has just announced this morning that it has provided a £750,000 loan facility to GlobalBlock. The loan is unsecured, matures after one year and bears interest at a rate of 10% per annum. The loan also contains a conversion feature whereby HELX has the option to convert the outstanding loan into a 10% equity interest of GlobalBlock, in certain circumstances, such as GlobalBlock not repaying the loan on the maturity date, or in the event of a change of control of GlobalBlock not involving HELX.
GlobalBlock has been operational since 2017 as a crypto-asset broker that provides retail and institutional investors with a service driven solution to trade crypto-assets. GlobalBlock was founded by established London, City-based entrepreneurs who teamed up to bring a better, more transparent and cost-efficient alternative for trading crypto-assets to the marketplace.
As announced on March 8, 2021, HELX and GlobalBlock have entered into a non-binding Memorandum of Understanding to work together exclusively for a period of time to negotiate a potential business combination. The loan funds are to be used by GlobalBlock to expand its business, specifically by increasing their trading capacity and by undertaking a targeted marketing campaign in the UK.
HELX raised $3 million in a private placement a few days ago at $1.50 per share.
Coinbase (COIN) will have its direct listing on Wednesday!
Past performance is not an indicator of future returns. NIA is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions. This message is not a solicitation or recommendation to buy, sell, or hold securities. NIA has received compensation from HELX of USD$50,000 cash for a six-month marketing contract. NIA's President has purchased 10,000 shares of HELX in the open market. He intends to sell these shares in the future for a profit and can sell them at any time without notice. This message is meant for informational and educational purposes only and does not provide investment advice.
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