Metachain Holdings Inc. (Ultron Capital Corp.) completed the acquisition of Idle Lifestyle Inc. (CNSX:IDLE.X) in a reverse merger acquisition.
Upon completion of the Proposed Transaction, it is proposed that the following individuals will form the board of directors and executive team of the Resulting Issuer: Ryan Selby â Chief Executive Officer and Director; Paul Ciullo â Chief Financial Officer; Aaron Bowden â Director and Patrick Gray â Director. Completion of the proposed transaction is subject to a number of conditions, including, but not limited to, completion of satisfactory due diligence by both parties, exchange, Ultron shall have completed the Ultron Private Placement, Ultron shall have completed the Ultron Acquisition, the requisite approval of the shareholder of Ultron and Generative AI Solutions Corp. shareholder approval. It is a condition to completion of the Proposed Transaction that Generative AI Solutions Corp. complete the Conversion and that Ultron completes its offering of at least 8,175,000 Ultron Common Shares at a price of no less than CAD 0.15 per Ultron Common Share. The board of directors of Ultron and Idle has approved the transaction. The closing of the Proposed Transaction is expected to occur before April 30, 2023. Endeavor Trust Corporation acted as transfer agent to Idle. Sharagim Habibi of Gowling WLG International Limited acted as legal advisor to Idle. Steven Agnew of Irwin Lowy LLP acted as legal advisor to Ultron.
Metachain Holdings Inc. (Ultron Capital Corp.) completed the acquisition of Idle Lifestyle Inc. (CNSX:IDLE.X) in a reverse merger acquisition on April 17, 2023. Generative AI Solutions has been granted approval by the Canadian Securities Exchange (the "CSE") to begin trading of its Common Shares (the "Listing") under the symbol "AICO", and it is expected that trading will begin at the open of markets tomorrow, Wednesday, April 19, 2023. As a result of the transaction, the Company's board of directors has been reconstituted and is now comprised of the following individuals: Ryan Selby, Aaron Bowden and Patrick Gray. In addition, Generative AI Solutions's board has appointed Ryan Selby as the Chief Executive Officer and Paul Ciullo as Chief Financial Officer.