Brief: The9 Says Signed Investment Term Sheet With Investors To Start Cryptocurrencies Business

The9

04/01/2021 04:07

Jan 3 (Reuters) - The9 Ltd  NCTY.O :
    * THE9 SIGNED BINDING COOPERATION, INVESTMENT TERM SHEET
WITH
CRYPTOCURRENCIES MINING INVESTORS LED BY JIANPING KONG TO START
CRYPTOCURRENCIES BUSINESS
    * PURSUANT TO TERM SHEET, THE9 WILL ISSUE CLASS A ORDINARY
SHARES
AND WARRANTS TO INVESTORS
    * THE9 - IS EXPECTED TO RECEIVE PROCEEDS FROM TRANSACTIONS
CONTEMPLATED UNDER TERM SHEET IN ACCORDANCE WITH CERTAIN
PRE-AGREED CONDITIONS, IF REALIZED
    * CO WILL SET UP A NEW WHOLLY OWNED SUBSIDIARY NBTC LIMITED
TO
OPERATE ITS BLOCKCHAIN AND CRYPTOCURRENCIES BUSINESS
    * CO WILL ISSUE 8,108,100 CLASS A ORDINARY SHARES
    * PURSUANT TO TERM SHEET, CO WILL ISSUE 8,108,100 CLASS A
ORDINARY
SHARES (EQUIVALENT TO 270,270 ADSS) AT US$0.1233 PER CLASS A
ORDINARY SHARE
    * EXPECTED TO RAISE AN AGGREGATE CONSIDERATION OF
APPROXIMATELY
US$34 MILLION IN THIS TRANSACTION

Source text for Eikon:  ID:nPn4h6b4Va 
Further company coverage:  NCTY.O 

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