Tony G Co-Investment Holdings Ltd. 51% Owned Subsidiary Sells Assets
Toronto, Ontario--(Newsfile Corp. - September 12, 2022) - Tony G Co-Investment Holdings Ltd. (CSE: TONY) ("Tony G" or the "Company"), an investment holding company, is pleased to announce that the Company's 51% owned subsidiary, News 3.0 Limited ("News 3.0"), has sold 100% of its assets (the "Assets") that were doing business as Cryptonews.com (the "Transaction").
As consideration for Assets, News 3.0 will receive US$2,500,000 on closing and US$2,000,000 paid in twelve monthly payments of US$166,666 per month, which may be paid in cryptocurrencies. The cryptonews.com domain will be held in escrow and will be transferred to the buyer upon completion of the US$2,000,000 in payments.
Further information regarding the financing can be found in the subscription agreement posted on SEDAR.
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About Tony G:
Tony G is an investment Company seeking returns through investments in the securities of other companies. In particular, the Tony G focuses on the blockchain technology, cryptocurrency, payment processing services, syndicated credit opportunities, online commerce and online gambling industries, including companies or other entities that service such industries. The Company's Common Shares are listed on the CSE under the symbol TONY.
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of Tony G. Information and statements which are not purely historical fact are forward-looking statements. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of Tony G to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Forward-looking statements in this press release include statements regarding the potential draw down of the facility in one or more closings, the terms of the debentures and warrants that will be dependent on future trading prices and the use of the proceeds from the financing. Although Tony G believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, Tony G assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/136840