Propel Blockchain Intelligence Inc. entered into a letter of intent to acquire ECC Ventures 1 Corp. (TSXV:EONE.P) (‘ECC1’) in a reverse merger transaction on May 24, 2018. ECC1 will complete a share split on a 1 for 1.5 basis and shareholders of Propel Blockchain will be issued post-split common shares of ECC1 in exchange for Propel Blockchain shares on a 1 for 1 basis. This will result in the issuance of 41.9 million shares based on the current capital structure of Propel Blockchain. The acquisition will also provide that all outstanding options and any equity compensation awards to purchase Propel Blockchain Shares shall be exchanged for economically equivalent securities of the resulting issuer. Certain of these shares will be subject to escrow pursuant to the policies of the Exchange, in addition to pooling restrictions that may be negotiated by the parties. Following completion of the acquisition, it is anticipated that the shareholders of Propel will own a significant majority of the outstanding common shares of ECC1. The combined company is expected to change its name to Propel Blockchain Intelligence in connection with completion of the acquisition. On completion of the proposed acquisition, Board of Directors and management team of ECC1 will be reconstituted to consist of four directors determined by Propel Blockchain including Maxwell Baylin as Chief Executive Officer and Director, Reed Clayton as Director and Narayan Sainaney as Chief Technology Officer. The transaction is subject to a number of conditions including Exchange acceptance and completion of a private placement financing. Propel Blockchain Intelligence Inc. cancelled the proposed acquisition of ECC Ventures 1 Corp. (TSXV:EONE.P) (‘ECC1’) in a reverse merger transaction on January 17, 2019. ECC1 reported that the deal was terminated in light of material changes in the marketplace and challenges foreseen in market for the considerable future. Trading in ECC1’s shares will resume on January 21, 2019 on the NEX board of the TSX Venture Exchange.