News 3.0 Limited completed the acquisition of Braingrid Limited (CNSX:BGRD.X) in a reverse merger transaction.
News 3.0 Limited completed the acquisition of Braingrid Limited (CNSX:BGRD.X) in a reverse merger transaction on October 7, 2021. Under the terms of the transaction, Braingrid purchased 51% of the issued and outstanding common of News 3.0 Limited in exchange for the issuance of 3,600,000 common shares. In connection with the transaction, Andrew Parks resigned as Interim Chief Executive Officer of Braingrid, Gediminas Klepackas was appointed as the Chief Executive Officer and a director, and Antanas Guoga was appointed as a director. Douglas Harris will remain as the Company's Chief Financial Officer and Andrew Parks and Gregory Pepin will continue to act as directors. Final approval from the Canadian Securities Exchange in respect of its change of business from a technology issuer to an investment issuer has been received. Trading in the common shares of the company began on the CSE under the company's new stock symbol "TONY" on October 7, 2021.