FingerMotion To Acquire Newbit Technology For $2.3 Mln In Cash

(RTTNews) - Tuesday, FingerMotion, Inc (FNGR), a telecom services provider in China, announced that it has entered into a definitive Share Purchase Agreement dated as of September 23 with individual shareholders of Newbit and Newbit Technology Inc., a British Columbia corporation extra-provincially registered in Alberta. Under the agreement, FingerMotion will acquire 100% of Newbit for $2.3 million in cash. The purchase is on a cash-free, debt-free basis, subject to customary adjustments. Newbit holds the surface tenure, development and building permits, pipeline and metering infrastructure, environmental and Alberta Utilities Commission Rule 007 registration, and related rights associated with the company's previously disclosed 9.