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Logan to exit mining via fintech company buyout

Logan Resources Ltd. said Jan. 30 that it signed an agreement to merge with mobile-focused financial technology application company Voleo Inc., which plans to release a cryptocurrency trading platform within the year.

The merged entity will be a technology issuer named Voleo Trading Systems Inc.

Canada-based Voleo specializes in smartphone stock trading apps for investment clubs, enabling users to form teams with people they trust to manage a portfolio in publicly traded securities, according to its website.

Under the deal, Logan will consolidate its shares on the basis of 1 post-consolidation share for 5 pre-consolidation shares and will issue Voleo shareholders 1.7 common shares per Voleo share held. The deal is conditional on Voleo completing a C$10 million private placement, a shares-for-debt settlement and the approval of the TSX Venture Exchange, among others.

"If the transaction is completed, the company intends to divest its mineral property assets and focus exclusively on the business of Voleo," Logan said in the statement.