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Transaction: Veteran Capital Corp. Enters Into Letter Of Intent For Qualifying Transaction With Powerhive

Powerhive Inc
Veteran Capital Corp. (“Veteran”) (TSXV: VCC.P), a Capital Pool Company listed on the TSX Venture Exchange (the “Exchange”), is pleased to announce that it has entered into a letter of intent with Powerhive, Inc. (“Powerhive”) ( negotiated on an arm’s length basis according to the policies of the Exchange. The proposed Qualifying Transaction involves the acquisition of all the issued and outstanding shares of Powerhive.
Transaction Details

The proposed Qualifying Transaction will be completed by way of a share exchange agreement as proposed in the letter of intent dated June 10, 2024 (the “Agreement”) among Veteran and Powerhive. According to the Agreement, the issued and outstanding shares of Veteran will consolidate on a 4:1 basis, and thereafter Veteran will acquire all the issued and outstanding shares of Powerhive in exchange for the issuance of 58,333,334 common shares of Veteran at a deemed price of $0.60 per share (the “Transaction). No other securities will be converted into Powerhive shares at the time of completion of the transaction.
The Transaction is subject to the approval of the Exchange, and is intended to constitute Veteran’s “Qualifying Transaction” for the purposes of Exchange policies. Upon completion of the Transaction, it is expected that Veteran will change its name to Powerhive Inc., and the resulting issuer will carry on the business of Powerhive (as further described below).

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