ActivePort Group Ltd (ASX:ATV) entered into a non-binding letter of intent to acquire Turnium Technology Group Inc. (TSXV:TTGI) on April 4, 2023. Transaction will be structured as a non-cash 100% share swap of Turnium shares for ActivePort shares. The Special Committee will retain Canaccord Genuity Group Inc. as financial advisors for the purpose of reviewing the Non-Binding LOI.

Turnium Technology Group Inc will at closing become a subsidiary of the strategic partner. The transaction is subject to due diligence, consideration of a definitive and binding purchase agreement and anticipated that a financing will be undertaken in connection with the Potential Transaction. Closing of the Potential Transaction will be conditional upon ActivePort and Turnium obtaining, amongst other things, all necessary shareholder and regulatory approvals, as applicable.

The transaction is expected to close before the end of the third quarter of 2023. Canaccord Genuity Group Inc. acted as a financial advisor to Turnium Technology Group Inc. Michael Stephens of Fasken Martineau DuMoulin LLP acted as legal advisor to Turnium Technology Group Inc.