Greenbriar Capital Corp. (GRB:TSX.V; GEBRF:OTC) announced in a news release it sold its blockchain software RealBlock to Titleloq LLC, a new entity whose sole purpose is to own and operate the asset.
In the transaction, Titleloq will pay Greenbriar CA$1,745,422 in cash and shares along with a net royalty of US$3 per every opening transaction. If Titleloq reaches its first goal for RealBlock of 60,000 transactions per month, the net royalty payable to Greenbriar will be US$180,000 per month. Titleloq will make the royalty payment to Greenbriar quarterly.
The royalty could convert to 10% of the net proceeds if the software and any modification and or improvement are sold to a fully arms length party, the company noted.
As for the share consideration, it consists of the "return and cancellation to the treasury of a total of 786,772 previously issued Greenbriar common shares, the cancellation of 475,000 previously issued Greenbriar stock options and the cancellation of 276,812.5 previously issued Greenbriar share purchase warrants with the remainder paid to Greenbriar immediately in cash," the release noted. Greenbriar's shares outstanding will drop to 19.5 million.
The company noted that it is "delivering to shareholders on being a robust incubator and creator of new stand alone projects and technologies. In October of 2018, Greenbriar received 10.7 Million common shares of Captiva Verde Land Corp, which the company expects to be constantly increasing in value. The company has begun the creation of a spin off public company, to dividend to each shareholder, an equal amount of new shares for the Montalva Solar Project. Today, the Company sold its Blockchain software and receives a robust royalty stream in perpetuity or a percentage of sale proceeds to a large independent enterprise. The Management and Board of Greenbriar are solely committed to the value creation for shareholders."
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