Millennial Technologies Ltd. entered into a non-binding letter of intent to acquire Zidane Capital Corp. (TSXV:ZZE.H) in a reverse merger transaction on February 23, 2022. Pursuant to the business combination, Zidane will acquire all of the issued and outstanding securities of Technologies Limited in exchange for common shares in the capital of Zidane which will result in a reverse-takeover of Zidane by Millennial. Upon completion of the transaction, the business of Millennial will become the business of the entity resulting from the transaction (the “Resulting Issuer”). The final structure for the transaction is subject to satisfactory tax, corporate and securities law advice on the part of both Zidane and Millennial. The Resulting Issuer will be classified as a Technology Issuer. In connection with the transaction, the Resulting Issuer intends to change its name to “Millennial Technologies Corp.” or such other similar name as is determined by Millennial and acceptable to applicable regulators and will also apply to change its stock symbol. As a condition to the closing of the transaction, Millennial will complete a non-brokered private placement (“Concurrent Financing”) to raise minimum gross proceeds of CAD 7 million up to a maximum of CAD 15 million through the issuance of unsecured Series “B” 5% convertible debentures. The proceeds of the Concurrent Financing will be used to fund the business of the Resulting Issuer, including the construction of the first 50 MW mining facility, general and administrative expenses for the Resulting Issuer and for general working capital purposes.
Completion of the transaction is subject to a number of conditions, including, but not limited to, the completion of the Concurrent Financing, receipt of applicable regulatory and stock exchange approvals, including the approval of the TSX Venture Exchange for the transaction, completion of satisfactory due diligence and the execution of the definitive agreement and related transaction documents. The transaction does not require shareholder approval.

Millennial Technologies Ltd. cancelled the acquisition of Zidane Capital Corp. (TSXV:ZZE.H) in a reverse merger transaction on May 30, 2022.The parties made extensive efforts to complete the proposed transaction, however market conditions are such that the proposed transaction could not be completed within a timeframe that met the parties' expectations.