Acana Capital Corp. has entered into a letter of intent (LOI) with Blockchain Technology Group Inc., to acquire all of the issued and outstanding common shares of the latter.

Headquartered in Canada, Blockchain Technology Group Inc., doing business as Blockchain Intelligence Group (BIG), is an information technology company. BIG currently has two products:

• Qlue: An API (application program interface) platform for law enforcement to aid in the fight against financial crimes involving bitcoin. It incorporates various techniques and advanced search algorithms to detect suspicious activity within bitcoin transactions' use of Dark Web tools, such as Tor and other methods commonly used by criminals to cover illegal activities.
• BitRank: A wallet scoring system that uses search and analytics systems to determine a safety level of a bitcoin transaction by ranking the wallets involved in the transaction on the blockchain.

Under the terms of the LOI, Acana will acquire all of the issued and outstanding common shares of BIG in exchange for 27 million post-consolidated common shares of Acana plus the issuance of 1,612,500 incentive stock options, 3,579,089 share purchase warrants and the issuance of up to 13 million performance warrants exercisable upon BIG meeting certain fiscal metrics following the closing of the acquisition.

According to the official release, the acquisition is subject to the parties successfully entering into a definitive business combination agreement in respect of the acquisition on or before Sept. 8, 2017, or such other date as they may mutually agree.

“The LOI also contemplates other material conditions precedent to the closing of the Acquisition (the “Closing”), including the completion of an equity financing to raise minimum gross proceeds of $2,500,000 (the “Concurrent Financing”), customary due diligence, receipt of all necessary regulatory, corporate and third party approvals, compliance with all applicable regulatory requirements, and all requisite board and shareholder approvals being obtained,” it added.

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