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by Stockwatch Business Reporter
The TSX Venture Exchange dropped 20.85 points to 858.33 Tuesday. Carmelo Marrelli and Daniel Crandall's halted NEX shell, Mukuba Resources Ltd. (MKU), plans to acquire a California company called FogChain Inc. The target aims to sell a software development platform based on blockchain technology and fog computing. (Fog computing is a term invented by Cisco and is related to cloud computing.) FogChain's platform is still in beta test mode and is not yet generating revenue. The company's vague hope is that its platform will make it "easy for any business to benefit from the blockchain without large capital and time investment." To acquire FogChain, Mukuba will roll back 1 for 1.66, leaving it with 2,678,570 shares issued, then issue 63 milion shares to its target's shareholders and noteholders.As a condition for closing the acquisition, FogChain must sell a $10-million (U.S.) private placement. The terms are not yet available.
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