May 13freetoearnnftgames, China Olympic Park announced on the Hong Kong Stock Exchange that following the signing of the letter of intent, the company's wholly-owned subsidiary entered into the agreement with the buyer Winnet Capital, pursuant to which the seller conditionally agreed to sell and the buyer conditionally agreed to purchase the shares for sale at a total consideration of 68 million Canadian dollars (equivalent to approximately 3 million Canadian dollars)freetoearnnftgames.91 billion Hong Kong dollars). The expected net proceeds from the disposal (net of transaction costs) are approximately C$66.5 million. Pending review, the Group is expected to recognize an estimated loss of approximately C$17.9 million on the disposal. The proceeds from the disposal will be used to redeem certain notes issued by the Group.
According to China Olympic Park, the target company is a limited company registered under the laws of Ontario, Canada. It is mainly engaged in investment holding and its main assets are M2M projects. After the completion of the disposal, the target company remains a subsidiary of the Company.
