Aida Minerals Corp. ("AMC" or the "Company") (CSE: AMC) (CSE: AMC.CN) (CNSX: AMC) is pleased to announce it has entered into a non-binding letter of intent (the "LOI") to acquire 100% of 10375977 Canada Inc., a blockchain technology company doing business as Greenstream ("Greenstream").
Under the terms of the deal, Aida will acquire all of the issued and outstanding common shares of Greenstream in exchange for the issuance of 7,000,000 common shares of Aida on a pro-rata basis to the shareholders of Greenstream, subject to certain performance-based vesting conditions. The LOI also contemplates that upon closing of the acquisition, Joel Yaffe, Greenstream's founder and CTO, will be engaged by Aida as the Chief Technology Officer.
Blockchain is an emerging technology category that facilitates trust and transactions through a secure and immutable distributed ledger system. It is being declared as a significant technology movement that will provide better and more secure solutions to numerous industries such as banking, supply chain management and transaction processing.
Greenstream is engaged in the development of a blockchain-enabled supply chain management platform for the legalized cannabis industry. Joel Yaffe, Greenstream's Founder and CTO says, "With the forecasted growth in the legalized cannabis industry to $22.6B* annually, we believe that businesses and regulators need a secure, interoperable and accessible system for tracking the supply chain from the seed to the sale. We're building the Greenstream solution to be the operating system for the industry. We have an experienced technology team and now, with Aida, we will have the resources and expertise to develop our business further." Aida will fund the development of Greenstream products and services.
The LOI will form the basis of a definitive agreement to be executed by both parties as soon as practicable with a target closing of November 1, 2017. The completion of the transaction is subject to board, shareholder and regulatory approval, and will result in a fundamental change for Aida. Aida intends to call an annual general and special meeting of shareholders to approve the transactions contemplated in the definitive agreement.