GOLDMONEY INC. PROVIDES CORPORATE UPDATE
Goldmoney Inc. has provided a corporate update.
As previously announced on Nov. 14 and Nov. 26, 2018, Goldmoney
will distribute to its shareholders on a pro rata basis 3.99 million
Class B subordinate voting shares of Mene Inc., a
TSX Venture Exchange listed company. The exact ratio to make this
distribution will be 0.051767721 of a Mene share for each common share
of Goldmoney held as of close of business on the record date.
The payable date remains as previously announced as Dec. 7, 2018.
The company has announced the resignation of Josh Crumb from the board
of directors with effect from Dec. 4, 2018. "It is with great regret
that the board has accepted the resignation of Josh Crumb as a director
of the company, which he has served with me since the inception of
BitGold over five years ago," said Roy Sebag, chairman. "The board and
staff are thankful for the meaningful contributions Josh has made, and
we wish him well in his new endeavours."
The company draws attention to the high trading volume in the shares of
the company on Dec. 4, 2018, and Nov. 24, 2018, which were
accompanied by a decline in the share price. The company is of the view
that there were forced sales on these two days as a result of margin
calls. The company is unaware of any material change in its operations
that would account for the recent market activity.
Goldmoney also announced today revisions to its disclosure
concerning Goldmoney Wealth Ltd. (GWL), one of Goldmoney's
wholly owned Jersey subsidiaries. GWL is incorporated in Jersey and
regulated by the Jersey Financial Services Commission (JFSC). In the
management discussion and analysis disclosure accompanying the release
of the company's first quarter results on Aug. 8, 2018, it reported that there
were one-off, non-recurring professional fees of $1.8-million, most
of which was incurred with a Jersey-based consulting firm to ensure GWL
meets all compliance and regulatory requirements of the JSFC. This
disclosure was made because the increase in professional fees relating
to GWL (as well relating to Mene) was a material expense item that in
part explained the company's Q1 results. As had been anticipated in the company's Q1 MD&A,
these consulting fees do not continue. The underlying GWL-related
compliance matters that were addressed in this consultation process were
not material to Goldmoney, as a whole, because no other entities in
the Goldmoney group of companies were affected by such issues. This
extensive consultation has now been completed. The results of this
consultation have allowed Goldmoney to better assess the role of, and
importance of, GWL in the Goldmoney family of companies. While GWL
remains an important subsidiary, largely as a result of its legacy
business following the combination in 2015 of GWL and other Jersey
entities within what is today the business of Goldmoney, Goldmoney's
past disclosure relating to GWL in Goldmoney's annual information form
(AIF) for the financial year ended March 31, 2018, was not intended to
suggest that GWL is material to the operations of Goldmoney, as a whole.
Goldmoney will be revising and refiling its AIF to clarify any
impressions to the contrary and will be doing so by no later than
Jan. 31, 2019.
About Goldmoney Inc.
Goldmoney, a financial service company traded on the Toronto Stock
Exchange, is a global leader in precious metal investment
services and the world's largest precious metals payment network.
Safeguarding nearly $1.6-billion in assets for clients located in more
than 150 countries, Goldmoney is focused on a singular mission to make
precious metals-backed savings accessible to all. Powered by Goldmoney's
patented technology, the Goldmoney Holding is an on-line account that
enables clients to invest, earn or spend gold, silver, platinum,
palladium and cryptocurrencies that are securely stored in insured
vaults in seven countries.
We seek Safe Harbor.
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