Victory Square Technologies Inc (CSE:VST) (OTCMKTS:VSQTF) (FRA:6F6) said it has signed and closed an asset purchase agreement to sell certain intellectual property (IP) assets related to a development stage virtual private network (VPN) platform to Cloud Nine Web3 Technologies Inc (CSE:CNI) (OTCMKTS:CLGUF).
Under the terms of the deal, the company said it has received around 4.4 million shares of Cloud Nine at an issue price of $1.36 each, taking the total sale price to $6 million.
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Based on the share price of Cloud Nine on March 15 of $1.79, Victory Square said its new shareholding in the company is now worth around $7.9 million.
The company said it has also exercised 350,000 warrants in cryptocurrency miner Argo Blockchain PLC (LON:ARB) (OTCMKTS:ARBKF) (FRA:0XP) for an approximate gain of $1.5 million.
“We’ve spent the last six years connecting with and investing in some of the brightest and disruptive minds in the Technology space; quietly building up a stockpile of applications and IP while waiting for an inflection point to start unleashing these applications to market. This 6 million sale of IP and the $1.5 million gain on Argo points to the extensive depth of the Victory Square portfolio and our ability to monetize and provide value to our shareholders,” Victory Square chief executive Shafin Diamond Tejani said in a statement.
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