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Goldmoney (OTC:XAUMF) updates investors on Menē/Amador reverse takeover

Tony Zerucha

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Precious metal financing and technology company Goldmoney (OTC:XAUMF) this week updated investors on the progress of Menē, a luxury e-commerce jewelry company in which Goldmoney owns a 35 per cent stake.

Menē has received conditional approval from the TSX Venture Exchange for its proposed reverse take-over transaction with Amador Gold. The move is subject to the satisfaction of certain conditions, including shareholder approval and TSXV acceptance. Should it progress, Menē subordinate voting shares will be listed on the TSXV under the stock symbol MENE as early as October 2018.

As part of its long-term spin-off strategy announced last December, Goldmoney said its board may distribute its currently held Menē Class B Shares, in whole or in part, to shareholders on a pro rata basis. At the Oct. 1 meeting shareholders will be asked to vote on a special resolution to authorize Goldmoney to reduce its stated capital by occasionally distributing Class B shares in the capital of Menē that Goldmoney owns on a pro rata basis to all shareholders of Goldmoney. Goldmoney said this will permit them to complete such distributions in the future as shares of MENE begin to trade.

 

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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