Ann: Update on Transaction with PTF, page-3

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Chamberskob

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14/02/18

10:10

Post #: 31041328
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Originally posted by apkjm ↑

UPDATE ON TRANSACTION WITH PTF

Board notes that Kabuni Technologies Inc, one of the subsidiaries sold to PTF in October 2017, has announced that it has signed a MOU with the Canadian Securities Exchange regarding a Security Token Offering (“STO”).

Announcement indicates that Kabuni Technologies Inc intends to file a prospectus with the British Columbia Securities Commission for approval to sell tokens to investors through an STO.

Subject to meeting the requirements of the British Columbia Securities Commission and Canadian Securities Exchange the tokens are expected to be traded on the Canadian Securities Exchange existing equity trading platform.

Board is in regular dialogue with Kabuni Technologies Inc. to recover funds owing to Serpentine. While conditional and incomplete, the Board views this as a positive development.
Serpentine Technologies Ltd (ASX: S3R) (“Serpentine” or the “Company”) wishes to provide an update on Print The Future Inc. (“PTF”) capital raising initiatives.
As previously announced to the ASX, PTF currently owes the Company approximately A$4.4m under convertible promissory notes issued by PTF in connection with the sale of Kabuni Technologies Inc (“KTI”) and Kabuni Technologies (India) Private Limited (“KB India”) (the “Notes”).
The Company wishes to advise that on 13 February 2018 (Canadian time) KTI, announced via a joint press release, that it has signed a MOU with the Canadian Securities Exchange (CSE) for the world’s first Security Token Offering (STO).
We understand KTI intends to file a prospectus with the British Columbia Securities Commission for approval to sell tokens to investors through an STO. Subject to meeting the requirements of the British Columbia Securities Commission and CSE, the tokens will be traded on the CSE’s existing equity trading platform. Unlike blockchain-based cryptocurrencies the STO’s will be subject to full regulation by the applicable securities commissions. For more information, please read CSE’s Feb. 13, 2018 release at
http ://thecse.com/en/trading/market-activity/company-news
The Company remains in regular dialogue with KTI and PTF regarding the recovery of the amounts owing to the Company, and continues to retain all its rights to do so. While the Board views this announcement as a positive development the ability to recover amounts owing, the timing of any such action remains highly conditional and incomplete at this time.

For further information please contact:
Stuart Carmichael Chairman
P: + 61 8 9482 0555
Serpentine Technologies Limited
Ground Floor, 16 Ord Street West Perth WA 6005
PO Box 902
West Perth WA 6872

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Nice, prepare for a rerate should their optimism shine through.
S3R Price at posting: 0.9¢ Sentiment: Buy Disclosure: Held
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0 Great analysis

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