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LONDON - Vault Ventures Plc (AQSE:VULT) announced Wednesday it has signed non-binding heads of terms for the proposed acquisition of Kingbridge Capital Ltd in an all-share transaction.
The deal values Kingbridge at approximately £750,000, with shares priced at 0.0225p each, representing a 50% premium to Vault’s closing bid price of 0.015p on July 29.
According to the press release statement, the acquisition would give Vault access to execution and custody arrangements that could support more efficient deployment of capital into crypto assets held in treasury. The company expects to gain approximately $500,000 (£375,000) worth of ETH and cash through the transaction.
The proposed acquisition would be subject to satisfactory due diligence and execution of a binding share purchase agreement. If completed, Kieran King, current shareholder and director of Kingbridge, would join Vault’s board as a Non-Executive Director.
The transaction would constitute a related party transaction under Aquis Growth Market Rules, as Brian Stockbridge and Derek Lew hold substantial positions in both companies.
Vault Ventures is a London-based technology developer focused on blockchain and fintech innovation. The company specializes in identifying, developing, and commercializing early-stage technology businesses, with emphasis on the blockchain and fintech sectors.
Lock-in provisions will apply to Kingbridge shareholders as part of the agreement to align long-term incentives. The company indicated that further announcements will be made as appropriate.
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