Digicann Ventures said it has mutually agreed with 3Win Corp. and D-3 Merger Sub to terminate their proposed merger deal.
The mutual termination follows 3Win's decision to remain a private company at this time. Under the terms of the agreement, each of Digicann and 3Win agreed to terminate the BCA and provide a full and final mutual release of all claims.
In consideration for the release, 3Win has agreed to forgive and cancel the previously issued promissory note payable by Digicann in the amount of $75,000, and agreed to pay a settlement amount of $100,000. Additionally, D-3 Merger Sub, a wholly owned subsidiary of Digicann that was formed solely for the purposes of the proposed transaction, will be dissolved.
Digicann said it remains committed to identifying and executing on another qualifying business combination or reverse takeover transaction.
