Bucephalus Capital Corp. (CNSX:BCA) entered into non-binding letter of intent to acquire Layer2 Blockchain Inc. on April 27, 2021. Bucephalus Capital Corp. entered into a definitive agreement to acquire Layer2 Blockchain Inc. for CAD 17.5 million on June 7, 2021. As of June 8, 2021, Bucephalus Capital Corp will initially acquire 60% of the issued and outstanding common shares of Layer2 in exchange for 25 million common shares in the capital of Bucephalus Capital at a price per common share of CAD 0.48. Additionally, pursuant to the terms of the Definitive Agreement Bucephalus Capital has agreed to issue an additional 25 million common shares for the remaining 40% of Layer2 on the earlier of six months from the closing date of the Initial Acquisition or the date when Layer2 creates a minimum of 15 token positions in liquidity pools. As of July 9, 2021, Bucephalus Capital has completed the acquisition of 60% of the issued and outstanding common shares of Layer2 Blockchain Inc. In connection with the Transaction, the Company agreed to issue 500,000 common shares to a certain eligible finder. The proposed transaction is subject to the parties completing its respective due diligence and negotiating and entering into a definitive agreement and other ancillary documents necessary to complete the transaction.
Bucephalus Capital Corp. (CNSX:BCA) completed the acquisition of Layer2 Blockchain Inc. on September 13, 2021. Bucephalus Capital Corp acquired remaining 40% stake in Layer2 Blockchain Inc. All Common Shares issued in connection with the acquisition of Layer2 are subject to voluntary lock-ups of up to 21 months, subject to certain accelerated releases in the event the Company's common shares trade above certain prices.