BeyondChipz LLC signed a letter of intent to acquire Tup Capital Inc. (TSXV:TUP.P) for CAD 6.9 million in a reverse merger transaction.
At the closing, it is anticipated that all current officers of Tup will resign and be replaced by nominees of BeyondChipz. The Board of Directors of the Resulting Issuer will consist of at least five directors, two of whom are expected to be Paul Barbeau and Michael Labiak, who are current directors of Tup, and three of whom are expected to be Richard J. Galdi, Laith Yaldoo and Mark Sheena, who are nominees of BeyondChipz.
Completion of the transaction will be subject to various conditions, including: the parties entering into a definitive agreement; the parties obtaining all required directors', shareholders', regulatory and third-party consents for the transaction, including the conditional approval of the exchange; completion of the private placement and completion of the consolidation of the shares.