Cashtag Media Corp entered into a letter of intent to acquire PC 1 Corp. (TSXV:PCAA.P) in a reverse merger transaction for CAD 3.1 million.

Cashtag Media Corp entered into a letter of intent to acquire PC 1 Corp. (TSXV:PCAA.P) in a reverse merger transaction for CAD 3.1 million on January 3, 2022. Upon completion of the Qualifying Transaction, the resulting entity will be engaged in the business of Cashtag.

Prior to or concurrently with the closing of the Qualifying Transaction, Cashtag will complete a private placement raising a minimum of CAD 1.9 million. The letter of intent will terminate (i) on the mutual consent of both the Corporation and Cashtag and (ii) automatically if the Agreement is not executed on or before 5:00 p.m. (Toronto time) on February 14, 2022. Completion of the Qualifying Transaction is subject to Exchange acceptance and obtaining all required shareholder approvals.

Transaction is also subject to completion of satisfactory due diligence, a definitive purchase agreement and receipt of applicable approvals and other standard closing conditions.