Metrospaces, Inc. (OTCPK:MSPC) signed a letter a of intent of acquire 51% stake in Etelix.com USA for $2 million on April 5, 2017. Under the terms of the transaction, Metrospaces paid $0.24 million cash and issue Series D PIK convertible preferred stock for a value of $1.8 million. The agreement for the transaction was signed on April 10, 2017.

The agreement was amended on April 25, 2017, and now the cash payment will be made as $0.01 million upon closing and $0.23 million after 90 days of closing. Etelix reported revenues of $4.1 million and net income of 0.06 million for the year ending December 31, 2016. Post acquisition Metrospaces, Inc. directors Oscar Brito and Daniel Silva will join the Etelix.com USA LLC board and Mr. Oscar Brito joining in as interim Chief Finance Officer.