NOT FOR DISSEMINATION IN THE UNITED STATES OR
FOR RELEASE TO U.S. NEWSWIRE SERVICES
VANCOUVER, British Columbia, March 05, 2018 (GLOBE NEWSWIRE) -- Logan Resources Ltd. (TSXV:LGR) (the “Company” or “Logan”) and Voleo, Inc. (“Voleo”) are pleased to announce that Voleo has closed its oversubscribed bridge financing, raising a total of $780,775.45 through issuance of common shares (“Shares”) at a price of $0.35. The bridge financing was conducted in connection with the previously announced business combination of Voleo and Logan (the “Transaction”). For further information see Logan’s press release dated January 30, 2018.
The closing of the bridge financing will enable Voleo to accelerate development of the Cryptoleo platform and prepare for full launch of Voleo’s white-label social trading app while completing the Transaction with Logan in order to list on the TSX Venture Exchange.
Voleo develops trading platforms for retail investors with a unique social component that adds value, creates engagement and offers inherent virality. It operates a discount brokerage in the United States and is offering its equity investment platform white-label to financial institutions in the US and around the world. Voleo’s subsidiary, Voleo USA, Inc. is registered as a broker-dealer with FINRA and the Securities and Exchange Commission.
In addition to stock trading, Voleo has successfully tested and will launch a digital currency trading platform for consumers. Users will have access to several major cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Digital Cash, and Ripple, using multiple fiat currency payment methods. The platform will leverage Voleo’s patent-pending trading technology, which recently piloted cryptocurrencies along with traditional equities in the Voleo Nasdaq Equity Trading Competition. Voleo’s cryptocurrency trading platform will be launched in 2018.
Voleo has always believed in the power of collaboration and the advantages that group decision making brings to investment decisions. Diversification and knowledge sharing reduces risk, while club functionality lowers costs. Investment club investing is available along with individual accounts, providing choice and flexibility to investors.
For a limited time, those who wish to practice trading equities as well as cryptocurrencies can do so using Voleo SimuTrader completely free of charge. Available in app stores internationally, users can form a team to deploy a simulated million-dollar individual portfolio, or form a club with friends to learn and practice different investment strategies.
The Transaction is subject to the approval of the TSX Venture Exchange (the “Exchange”) and other conditions customary for a transaction of this nature. There can be no assurance that the Transaction will be completed as proposed or at all. After consultation with the Exchange, Logan will be obtaining shareholder approval for the Transaction. Logan is in process of finalizing an information circular for a shareholder meeting and will provide additional details on the date, time and location of such meeting in a subsequent news release.
Additional information as required by Exchange Policy 5.2, including financial information regarding Voleo and the Principals and Insiders of the resulting issuer, will be provided by way of a subsequent news release or in the disclosure document that will be completed with respect to the Transaction. Trading in the common shares of the Company on the Exchange will remain halted until such times as the requirements of the Exchange are met.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the Unites States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Logan Resources Ltd. should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
About Voleo
Voleo Inc. (Voleo) is a Canadian mobile-focused fintech application company. Its mission is to create a social investment network enhancing connectivity, transparency, convenience, and collaboration among investors. Voleo's equity trading platform operates on mobile applications available on iOS and Android smartphone devices plus companion web app.
Voleo expects to increase retail investor participation in the stock market and in the cryptocurrency market by breaking down barriers to entry, facilitating trust and improving financial literacy.
For more information on Voleo, please visit its website at www.myvoleo.com.
About Logan
For more information on Logan, please visit www.loganresources.ca.
LOGAN RESOURCES LTD.
On behalf of the Board
“Richard Grayston”
Interim Chief Executive Officer
Logan Resources Ltd. is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.
For further information regarding this news release, please contact:
T: 604-681-8030 ext 242
E: info@loganresources.ca
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to with respect to: (i) Voleo’ business objectives and plans; (ii) removal of conditions relating to the completion of the Transaction; (iii) completion of the RTO Financing; and (iv) receipt of TSXV and shareholder approvals of the Transaction.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the accuracy, reliability and applicability of the Voleo’ business model; the timely receipt of governmental approvals, including the receipt of approval from regulators in jurisdictions where Voleo may operate; the timely commencement of operations by Voleo and the success of such operations; the ability of Voleo to implement its business plan as intended; the legislative and regulatory environments of the jurisdictions where the Voleo will carry on business or have operations; and the impact of competition and the competitive response to the Voleo’ business strategy. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks related to acts of God, the impact of general economic conditions, changing domestic and international industry conditions, currency fluctuations, interest rates, the ability of management to implement Voleo’ operational strategy, the ability to attract qualified management and staff, labour disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund operations may not be obtained and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.