Investee Company Update-Cryptologic issues loan
12 August 2019
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments
FastForward Innovations Ltd
("FastForward", "FFWD" or the "Company")
Investee Company Update: Cryptologic makes $5 million bridge loan to Wayland Group
FastForward Innovations Ltd, the AIM quoted company focusing on making investments in fast growing and industry leading businesses, notes the following announcement released on 9 August 2019 concerning investee company Cryptologic Corp. ("Cryptologic"). This bridge loan is a step forward in the proposed purchase of Wayland Group's Canadian cannabis business by Cryptologic, more details of which can be found in the Company's previous announcement of 6 August 2019.
The announcement is set out below without material changes or adjustments.
Wayland Group Receives $5 million Bridge Loan From Cryptologic Corp.
TORONTO, ON, August 9, 2019 - Wayland Group (CSE:WAYL) ("Wayland") and Cryptologic Corp. (CSE: CRY) ("Cryptologic") are pleased to announce that Wayland has now received the previously announced $5 million bridge loan from Cryptologic, which has been advanced in connection with the proposed sale of Wayland's Canadian business to Cryptologic.
"This bridge loan will allow Wayland to continue the build out of Wayland's state-of-the-art EU-GMP certified facility in Langton, Ontario and to satisfy certain of the company's existing liabilities. We intend to maintain a focus on financial and operational discipline in connection with our ongoing build-out of the Langton facility, and we thank our stakeholders for working with us through this phase in our development.", said Paul Pathak, Chair of the Board.
The bridge loan is subordinate to Wayland's existing secured convertible debentures, and Cryptologic will hold second-lien security over the assets to be purchased by Cryptologic in the proposed transaction.
For further information please contact:
Chief Financial Officer
About Wayland Group
Wayland is a vertically integrated cultivator and processor of cannabis. The Company was founded in 2013 and is based in Oakville, Ontario, Canada and Munich, Germany, with production facilities in Langton, Ontario where it operates a cannabis cultivation, extraction, formulation, and distribution business under federal licenses from the Government of Canada. The Company also has production operations in Dresden, Saxony, Germany, Regensdorf, Switzerland and, Allesandria, Piedmont, Italy. Wayland will continue to pursue new opportunities globally, including in Argentina and Colombia, in its effort to enhance lives through cannabis.
About Cryptologic Corp.
Cryptologic Corp. is currently a cryptocurrency mining company that is focused on divesting of its crypto mining assets and exploring acquisition opportunities in sectors outside of cryptocurrency mining.
The AIM Market of London Stock Exchange plc does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of FastForward Innovations Ltd. There can be no assurance that such statements will prove to be accurate, achievable or recognizable in the near term.
Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. FastForward Innovations assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
For further information on the Company please visit www.fstfwd.co or contact:
Ed McDermott /
Lance de Jersey
FastForward Innovations Ltd
Email: [email protected]
James Biddle /
Beaumont Cornish Limited
Tel: +44 (0) 207 628 3396
Optiva Securities Limited
Tel: +44 (0) 203 411 1881
St Brides Partners Ltd
Tel: +44 (0)207 236 1177
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
Quick facts: FastForward Innovations
Market Cap: £9.04 m
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE