Animoca Brands Corporation Ltd (ASX:AB1) has secured $1.5 million in investments from Sun Hung Kai & Co. Limited and blockchain fitness company Lympo, which is a current strategic partner:
http://www.proactiveinvestors.com.au/companies/news/202919/animoca-brands-secures-investment-from-renowned-asian-financial-powerhouse-202919.htmlThe Company has signed a binding term sheet with Lympo specifying that Lympo will purchase 7,142,858 fully paid ordinary shares of Animoca Brands at a price of A$0.07 per share for a total sum of A$0.5 million, with a 1:1, attaching 12-month loyalty option exercisable at a price of A$0.09 per share, conditional on placement shares being held for 90 days; the loyalty option is subject to Animoca Brands shareholder approval.
Lympo is a blockchain company developing a platform to reward people for exercising and leading healthier lives. It has established partnerships with one of the most recognisable female athletes in the world, Caroline Wozniacki, and the professional NBA basketball team the Dallas Mavericks.
Lympo and Animoca Brands recently signed an agreement to collaborate and integrate Lympo tokens (LYM) in the iOS mobile exercise app 100 Squats Challenge, and the two companies are preparing for the world’s first “squat to earn cryptocurrency” challenge (refer to ASX announcement of 25 July 2018).
In addition to its investment, Lympo has committed to being lead investor in an upcoming funding round for Animoca Brands’ subsidiary OliveX (HK) Limited, which develops and publishes mobile apps that leverage gamification and artificial intelligence to improve the fitness and health of users. The details and timing of this funding will be finalised by the end of August 2018.
Finally, Animoca Brands and Lympo agreed to discuss areas and methods of mutual collaboration, with the goal of expanding the current scope and number of co-development activities.
https://www.animocabrands.com/animoca-brands-sun-hung-kai-lympo
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