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Canoe Mining cancels OpenPort reverse takeover

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Canoe Mining cancels OpenPort reverse takeover

Canoe Mining Ventures Corp. cancelled its proposed reverse takeover of OpenPort Ltd., a Hong Kong-based blockchain logistics solutions company.

The company said Jan. 14 that it is looking for new business opportunities, and has filed a request with the TSX Venture Exchange to resume trading of its common shares.

In March 2018, Canoe Mining signed a letter of intent to acquire the issued share capital of OpenPort through a reverse takeover in a bid to exit mining.

The company is reviewing its legal options over the termination of the binding letter of intent as well as the default of OpenPort under its services agreement to build a Mining Operations Logistics Solution to service the traditional mining industry via a blockchain protocol.