Helix Applications Inc. (TSXV:HELX) has signed a non-binding Memorandum of Understanding to acquire Globalblock Ltd from David Thomas, Tim Bullman, Karl Thompson and Patrick Bullman on March 4, 2021. Helix Applications Inc. signed an definitive agreement to acquire Globalblock Ltd from David Thomas, Karl Thompson, Patrick Bullman and Tim Bullman for CAD 38.3 million on May 15, 2021. Under the terms of agreement 48 million shares of Helix will be issued in exchange of the Globalblock shares. David Thomas, Tim Bullman, Karl Thompson and Patrick Bullman will be issued 12.1 million shares each. Following this agreement Helix will change its name and the new entity will undertake the business of providing digital asset trading services via GlobalBlock’s digital asset trading platform, mobile app and personalised telephone broking service. Upon completion of the deal GlobalBlock will become a wholly-owned subsidiary of Helix, the Resulting Company will have approximately 110 million common shares issued and outstanding approximately 51.27% of which will be held by current Helix shareholders, David Thomas one of the shareholder of Globalblock will become the Chief Operating Officer of Resulting Company and Rufus Round and Trevor Gabriel are anticipated to remain in place as directors of the Resulting Company whereas Jay Sujir will resign and will be replaced by Stuart Olley and David Thomas will be as the director resulting company. David Thomas, Karl Thompson, Patrick Bullman and Tim Bullman shareholders of GlobalBlock will continue to manage and operate GlobalBlock from the United Kingdom. The transaction is subject to applicable regulatory approvals and the following: (a) completion of satisfactory due diligence by each of the parties, (b) negotiation of definitive terms of a Transaction, recognizing that it is currently contemplated that Helix would acquire 100% of GlobalBlock in exchange for an amount of Helix common shares to be no more than 50% of the outstanding common shares of Helix upon completion of any Transaction, (c) Helix understanding GlobalBlock's financial requirements and negotiation of any necessary cash injections into GlobalBlock in the short term, and (d) final approval by the Board of Directors of each of Helix and GlobalBlock. GlobalBlock and Helix are at arm's length. Helix will issue 2.6 million common shares as finders fee. Chris Croteau of Tingle Merrett LLP acted as legal advisor for David Thomas, Tim Bullman, Karl Thompson and Patrick Bullman and Gordon Chmilar of Modern Finance Law acted as legal advisor for Helix Applications.