01:06:45 EDT Fri 29 Mar 2024
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or Name
USA
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Malbex Resources Inc (2)
Symbol MBG
Shares Issued 14,654,730
Close 2017-12-27 C$ 0.385
Market Cap C$ 5,642,071
Recent Sedar Documents

Malbex closes change of business with Samara

2018-06-20 17:10 ET - News Release

Mr. Ben Cubitt reports

MALBEX RESOURCES COMPLETES CHANGE OF BUSINESS TO FOCUS ON CRYPTOCURRENCY AND BLOCKCHAIN SECTORS

Malbex Resources Inc. has closed its change-of-business transaction pursuant to the policies of the TSX Venture Exchange with Samara Capital Inc. and become a merchant banking and financial advisory company focused on the small-cap market, with investments in cryptocurrency and blockchain sectors.

The transaction constitutes a change of business within the meaning of the TSX Venture Exchange policies. In connection with the transaction, the company has filed a filing statement dated May 28, 2018. Additional information about the transaction, as well as further disclosure about Malbex, can be obtained from the company's filing statement filed on SEDAR.

Pursuant to the transaction, the company has retained Samara to provide the services of Ben Cubitt as the new chief executive officer of Malbex to develop, manage and carry on the new business pursuant to the terms of a management service agreement to be entered into between Malbex and Samara and a board-approved investment policy.

Pursuant to the investment policy, the primary investment targets will be cryptocurrency and financial instruments or products with exposure to cryptocurrency, and investments in public or private corporations, partnerships, or other legal entities which own, or propose to own, cryptocurrency or blockchain technology and/or cryptocurrency mining operations and projects. The investment activities may be passive, or Malbex may take an active role in the business of companies in which it has equity positions through the provision of strategic advice, board representation and/or other means.

"I am excited to be involved in one of the first companies listed on a major exchange that will buy and hold cryptocurrencies, along with active and passive investments in other blockchain-related companies," commented Ben Cubitt, incoming chief executive officer of Malbex. "We have recently completed our first purchases of bitcoin, bitcoin cash and ethereum through the facilities of our partner and custodian, Goldmoney Inc., who is providing dealing and auditable, insured cold-storage services through its BlockVault Inc. subsidiary for all of Malbex's digital assets."

Initial investments

The company is further pleased to announce that it has purchased approximately 111 bitcoins at an average price of $6,688 (U.S.) per coin, 1,423 ethereum at an average cost of $515 (U.S.) per coin and 431 bitcoin cash at an average price of $849 (U.S.) per coin. Please visit the company's website for complete details of the company's portfolio.

Listing

The company has obtained final approval to list its common shares on the TSX Venture Exchange as a Tier 2 investment issuer. The common shares are expected to begin trading on the TSX-V at the opening of markets on or about June 22, 2018, under the symbol COIN.

Name change

Management anticipates proposing a name change from Malbex Resources Inc. to Coin Hodl Inc. at the coming annual and special meeting, expected to be held in third quarter 2018.

Leadership team

On closing of the proposed transaction, individuals with capital markets, blockchain and cryptocurrency investment experience have been appointed to the board of Malbex. Malbex's leadership team, following completion of the transaction, includes the following seasoned executives and directors:

  • Ben Cubitt, CFA (chief executive officer and director): He has been working for the past 16 years at two of the most successful hedge funds in Canada. For the first nine years, he was at MMCAP, a top-performing fund, before launching his own fund, Samara Capital Inc., in 2012 that specializes in small-cap Canadian companies. He has also served as a director of Selwyn Resources from 2013 to 2015. He has a BCom from UBC and obtained his CFA charter in 2005. Samara has participated in financings for small-cap Canadian companies to the tune of over $200-million over the last five years. He has a sophisticated knowledge of Canadian capital markets and has made many valuable contacts across the industry over the last 15 years in this business.
  • Dan Crandall, CPA, CA (chief financial officer): In addition to acting as the company's chief financial officer for the previous three years, Mr. Crandall is a senior manager at Marrelli Support Services Inc., providing CFO, accounting, regulatory compliance and management advisory services to numerous issuers on the Toronto Stock Exchange, TSX Venture Exchange, and other Canadian and U.S. exchanges. Mr. Crandall is a CPA and a CA, and has an honours bachelor of accounting (co-op) degree from Brock University. Previously, he was a manager at Collins Barrow Toronto LLP, a public accounting firm.
  • Josh Crumb (director): Mr. Crumb is a co-founder of Goldmoney (formerly BitGold Inc.) and its chief financial officer since 2017. Mr. Crumb is also the founder of BlockVault Inc., a Goldmoney subsidiary that will offer digital asset custody and dealing services to financial institutions. Mr. Crumb was previously an executive director at Goldman Sachs, the senior metals strategist in the global economics, commodities and strategy research division, and a director of corporate development at the Lundin group of companies. Mr. Crumb holds a master of science in mineral economics, a graduate certificate in international political economy and a bachelor of science degree in engineering from the Colorado School of Mines.
  • Stefan Wieler, CFA (director): Mr. Wieler is a director and vice-president of Canadian-listed Goldmoney, and its crypto-focused subsidiary BlockVault AG based in Zug, Switzerland. He previously worked for over 10 years at some of the world's top financial institutions, including a role as an executive director and senior commodity strategist at Goldman Sachs, head of research for New York-based commodities hedge fund BBL Commodities, and as the head of commodity research (buy side) at Julius Baer in Zurich. He studied Mandarin Chinese at the National Taiwan Normal University in Taipei and earned a master's degree in financial economics at the University of Zurich, where he graduated with honours. Mr. Wieler is a CFA (chartered financial analyst) charterholder and a CAIA (chartered alternative investment analyst) charterholder.
  • Justin Oliver, CPA, CA (director): He has more than 15 years of experience in the investment industry, specializing in exchange-traded funds and new innovative ways to deliver financial advice, capital markets and mutual funds. He currently works at BMO as a vice-president for ETFs helping to raise awareness and educate various types of institutions on ETFs and the value of their use. Prior, he helped to rebuild Fraser Mackenzie, a small Toronto-based brokerage firm for three years, where he served as a partner. Previously, he worked with Canaccord Genuity for seven years as a vice-president, institutional equity sales, raising over $1-billion in capital for various types of companies, both public and private. He has a chartered accountant (CPA, CA) designation and holds his undergraduate degree from the University of Western Ontario, Huron College, in finance and economics. He has a passion for being a part of positive change.

The prior directors of the corporation, being Terry MacGibbon, Frank Davis and Robert Lowe, have resigned from the board. Joe Hamilton has resigned as a director of the corporation and as chief executive officer and president. The corporation wishes to thank the departing directors and officers for their service.

About Samara Capital Inc.

Samara Capital is a Toronto-based, Ontario Securities Commission-registered investment fund manager that focuses on small-cap companies across North America. The fund it manages, the Samara Fund Ltd., launched in 2012, and has been among the most successful hedge funds in Canada since inception.

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