(TheNewswire)
Vancouver, British Columbia – April15, 2024 – TheNewswire – Blackhawk Growth Corp.(CSE:BLR; Frankfurt:0JJ) (the “ Company ” or“ Blackhawk ”), is pleased to provide an update on the proposedacquisition of Hardenbrook Group Pty Ltd. (“ Hardenbrook ”)
Since the acquisition was announced in May 2023,Hardenbrook has progressed substantially with the followingdevelopments:
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Hardenbrook has been focusing on IP acquisition,development and commercialization activities. It has consolidated themedical AI assets of Asthmatic AI, Autism AI and Mood AI into aholding company, Life AI. It has provided funding to Asthmatic AIthat has allowed them to enrol the first 50 participants into theirclinical trial for predicting asthma attacks. They are targeting 300participates in total for this trial.
Life AI is building a portfolio of medical AI assetsthat address large medical conditions in the community. For instance,according to the Centers for Disease Control and Prevention reported25 million (7.7% of the U.S. population) had asthma in 2021 and over1,000 persons die from Asthma attacks globally each day.
Life AI is also in negotiations with a tier 1University to secure IP used to create a digital twin of a humanheart. The research developed over several years was used to optimizea pacemaker before it can be implanted into patients. The innovativetechnology has a wide range of other applications including theability for anyone to create a digital twin of their heart and use amobile application for heart monitoring. Life AI is focused oncreating technologies to optimize human performance, improve healthoutcomes of the sick and enhance wellness at scale.
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Hardenbrook has signed a binding term sheet to acquirethe units in two funds from a group of 23 investors. The funds haveassets with a current market valoe of approximately CAD $888,758,comprised of listed and unlisted companies in Australia and Canada.Some of these companies include SPARC AI (CSE:SPAI), HARANGA RESOURCES(ASX:HAR), MINDBIO THERAPEUTICS (CSE:MBIO), unlisted SIENNA MINING andseveral others. The acquisition will add these assets toHardenbrook’s balance sheet and provide cashflow as these assets aresold down over time. The fund manager is Shape Capital Pty Ltd, acompany operating under a Financial Services License. Shape Capitalreceives fees that are comparable to other fund management businessesincluding a 2% annual management fee and 20% performance fee onlyafter 10% performance hurdle. Director, Anoosh Manzoori is thedirector and shareholder of Shape Capital. Directors Anoosh Manzooriand Justin Hanka are also investors and unit holders in the fundsowning 1% of the total number of units.
Hardenbrook Group’s portfolio of five companies plusthe value of the fund units is expected to provide Blackhawk with astrong foundation to build shareholder value. An investor presentationcan be found here .
To reflect the acquisition of the fund units, Blackhawkhas signed an amendment to the existing share purchase agreement forthe acquisition of Hardenbrook. The amendment provides that anadditional 58,904,037 Blackhawk common shares will be issued inconnection with the acquisition, for total consideration of128,904,037 common shares.
Completion of the acquisition of Hardenbrook remainssubject to the approval of the Canadian Securities Exchange,completion of a revised Form 2A Listing Statement and the satisfactionof customary closing conditions. In connection with the acquisition,Blackhawk also intends to undertake a concurrent financing, a shareconsolidation and a name change. Further details concerning thefinancing, consolidation and name change will be provided as soon asthey have been finalized.
About Blackhawk Growth
Blackhawk is an investment holding company looking to createsubstantial value for its shareholders through the acquisition anddevelopment of high growth companies.
For further information please contact:
Justin Hanka, Chief ExecutiveOfficer
+61.433140886
justin@hardenbrook.group
Cautionary Note RegardingForward-Looking Statement
All statements in this press release, other than statements ofhistorical fact, are “forward-looking information” with respect tothe Company within the meaning of applicable securities laws. TheCompany provides forward-looking statements for the purpose ofconveying information about current expectations and plans relating tothe future and readers are cautioned that such statements may not beappropriate for other purposes. By its nature, this information issubject to inherent risks and uncertainties that may be general orspecific and which give rise to the possibility that expectations,forecasts, predictions, projections or conclusions will not prove tobe accurate, that assumptions may not be correct and that objectives,strategic goals and priorities will not be achieved. These risks anduncertainties include but are not limited those identified andreported in the Company’s public filings under the Company’sSEDAR+ profile at www.sedarplus.ca. Although the Company has attemptedto identify important factors that could cause actual actions, eventsor results to differ materially from those described inforward-looking information, there may be other factors that causeactions, events or results not to be as anticipated, estimated orintended. There can be no assurance that such information will proveto be accurate as actual results and future events could differmaterially from those anticipated in such statements. The Companydisclaims any intention or obligation to update or revise anyforward-looking information, whether as a result of new information,future events or otherwise unless required by law.
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