Cryptologic Corp. entered into a binding share purchase agreement to acquire Copenhagen Minerals Inc. from Greenland Resources Inc for CAD 12.7 million.
It is expected that, subject to and upon closing of the proposed acquisition, each of John Kennedy FitzGerald, Chief Executive Officer of Cryptologic, and Joshua Lebovic, Chief Financial Officer of Cryptologic, will step down from their respective positions and leadership of Cryptologic will transition to a new management team which will include Greg McKenzie as Chairman and Chief Executive Officer of Cryptologic. The balance of the management team will be appointed by the new Board of Directors of Cryptologic, which is expected to be comprised of two nominees of the Greenland Resources, two nominees of Cryptologic and Greg McKenzie.
Completion of the proposed acquisition is subject to customary conditions, including, receipt of applicable securityholder approvals by Cryptologic and Greenland Resources and all necessary regulatory approvals, including the approval of Canadian Securities Exchange (CSE). As of May 18, 2021, approval of CSE is still pending. As of March 22, 2021, the Board of Directors of Cryptologic unanimously recommends that shareholders vote in favour of the transaction. As of April 14, 2021, the transaction has received Cryptologic's shareholders' approval. As of May 25, 2021, Cryptologic received conditional approval from the Canadian Securities Exchange. The transaction is expected to close during second quarter of 2021. Andrea FitzGerald of Cassels Brock & Blackwell LLP acted as legal advisor to Greenhawk Resources Inc and Dennis H. Peterson of Peterson McVicar LLP acted as legal advisor to Greenland Resources Inc.