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Meryllion plans reverse takeover by cryptocurrency miner

Meryllion Resources Corp. said Feb. 22 that it signed a nonbinding letter of intent for a reverse takeover by BitBlox Technologies Inc. and a subsequent change of business.

The proposed transaction will see Meryllion consolidate its shares on a 1-for-5 basis, following which the company will acquire the entire share capital of BitBlox, a cryptocurrency miner.

Meryllion will then change its name. The resulting entity will also hold all the assets of BitBlox and continue its business.

Meanwhile, former Meryllion shareholders will own 10% of the new company.

The reverse takeover is subject to due diligence, a definitive agreement as well as the necessary regulatory and shareholder approvals.

Meryllion struck a similar LOI with cannabis company Thunderhawk Cannabis Ltd. in June 2017, but the parties failed to enter into a definitive deal and the proposed merger was terminated afterward.