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Corporate Catalyst inks letter agreement to acquire technology company

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Corporate Catalyst inks letter agreement to acquire technology company

Corporate Catalyst Acquisition Inc. has signed a letter agreement to acquire all of the issued and outstanding securities of Globalive Technology Partners Inc. for roughly C$140 million in stock.

Globalive Technology is a technology company developing solutions to disrupt traditional industries, primarily using artificial intelligence, internet of things and blockchain technology.

Under the agreement, Corporate Catalyst will issue 140 million shares to Globalive common shareholders, holders of existing convertible debentures and holders of 24 million Globalive shares to be issued in exchange for certain assets valued at C$12 million, which will be sold to Globalive before the transaction is completed.

On or prior to the effective date, the combined company's name will be changed as Globalive determines.

Prior to the completion of the transaction, Globalive will have completed a brokered private placement of subscription receipts for gross proceeds of roughly C$30 million at an expected price of C$1.00 per receipt.

Canaccord Genuity Corp. has agreed to act as lead agent for the financing. Once the financing is complete, Globalive Capital Inc. may own roughly 40% of Globalive's outstanding common shares.

The completion of the transaction remains subject to a number of terms and conditions, including the entering into of a formal agreement between the parties, approval of Globalive shareholders, approval of the TSX Venture Exchange and the completion of the financing.