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Foreshore Exploration to acquire cryptocurrency payment company

Foreshore Exploration Partners Corp. has agreed to acquire POSaBIT Inc. and will change its name to POSaBIT Corp. following the deal's completion.

Under the terms of the agreement, POSaBIT shareholders will receive about 1.7540 Foreshore shares for each POSaBIT share held. Foreshore is expected to issue about 68 million shares.

As of March 31, POSaBIT had around $818,649 in assets and $1 million in revenues through April 2018. The company operates a point-of-sale payment system for cash-only industries that allows consumers to acquire cryptocurrencies to use to make purchases in stores or elsewhere.

Upon deal completion, Foreshore's current board members will resign from the board. The combined entity will have Ryan Hamlin as CEO and director, Jon Baugher as chief research officer and director, Andrew Sweet as chief technology officer and Jeff Dosset as chairman and director. In addition, Michael Markette and Paul Fiore will join as directors.

Foreshore expects to be listed on the TSX Venture Exchange as a tier-2 technology issuer once the deal closes.