January 17, 2018 / 1:11 PM / 6 months ago

BRIEF-Riot Blockchain's TessPay Enters Agreement With Cresval Capital

Jan 17 (Reuters) - Riot Blockchain Inc:

* RIOT BLOCKCHAIN'S TESSPAY ENTERS DEFINITIVE AGREEMENT FOR TRANSACTION WITH PUBLICLY TRADED CRESVAL CAPITAL CORP.

* RIOT BLOCKCHAIN INC - RIOT BLOCKCHAIN WILL RECEIVE 41,600,000 SHARES RESULTING FROM ITS 52% OWNERSHIP OF TESSPAY

* RIOT BLOCKCHAIN INC - EACH SHARE OF TESSPAY WILL BE EXCHANGED FOR COMMON SHARES OF TESSPAY ON BASIS OF 15.36 TESSPAY SHARES FOR EVERY ONE TESS SHARE

* RIOT BLOCKCHAIN - CRESVAL WILL BE ISSUED 8.4 MILLION TESSPAY SHARES, WHICH WILL BE DISTRIBUTED PRO RATA TO SHAREHOLDERS OF CRESVAL AS PART OF DEAL

* RIOT BLOCKCHAIN INC - ‍ON DEAL CLOSING, TESSPAY EXPECTS ITS SHARES TO BE PUBLICLY TRADED ON TSX VENTURE EXCHANGE AND CHANGE ITS NAME TO "TESSPAY INC."​

* RIOT BLOCKCHAIN - ONE OF CONDITIONS OF DEAL INCLUDES TESS COMPLETING PRIVATE PLACEMENT OF C$3.5 MILLION OF CONVERTIBLE NOTE AT C$0.10/ SHARE INTO TESSPAY Source text for Eikon: Further company coverage:

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