Northern Aspect Resources Ltd.
NEX BOARD : NTH.H
TSX VENTURE : NTH.H

September 08, 2015 13:13 ET

Northern Aspect Provides Update on Proposed Qualifying Transaction and Development of Blockchain Tech Ltd.'s Business

CALGARY, ALBERTA--(Marketwired - Sept. 8, 2015) -

(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)

Northern Aspect Resources Ltd. (NEX:NTH.H) ("NARL" or the "Corporation"), a capital pool company, would like to provide an update on the proposed transaction (the "Transaction") with Blockchain Tech Ltd. ("BTL") and the advances made by BTL in the development of its business.

As announced on August 31, 2015, NARL and BTL have now entered into a definitive agreement in respect of the Transaction, and while they work toward completing the Transaction, BTL continues the development of its business.

BTL is a technology company incorporated under the laws of the Isle of Man whose first technology platform is a remittance business called Interbit with a focus on leveraging blockchain technology to create rapid and cost effective "cash-in cash-out" settlement solutions between the United Kingdom and target countries.

Interbit is developing a unified API interface which will seek to create new efficiencies not currently existing in the worldwide remittance market, estimated to be US$583 billion in 2014 (source: The World Bank.)

Interbit has completed the first part of its integration process and expects to perform its first real money remittance transaction at the end of September 2015. In October 2015, Interbit plans to test its remittance settlement solution with multiple business partners that serve the global remittance market.

The Transaction is intended to constitute the "Qualifying Transaction" of NARL, as such term is defined in Policy 2.4 of the TSX Venture Exchange.

See NARL's press releases dated July 21, 2015, July 24, 2015, August 11, 2015 and August 31, 2015 for further information about the Transaction, BTL and its business. NARL will issue additional press releases related to the Transaction and related financings and other material information as it becomes available.

Completion of the Transaction is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance and, if applicable, pursuant to the requirements of the TSX Venture Exchange, shareholder approval. There can be no assurance that the Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

All information in this press release concerning BTL has been provided for inclusion herein by BTL. Although NARL has no knowledge that would indicate that any information contained herein concerning BTL is untrue or incomplete, NARL assumes no responsibility for the accuracy or completeness of any such information.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.

Certain statements in this release are forward-looking statements, which include completion of the proposed Transaction and related financings, the proposed business of the Corporation upon completion of the Transaction, development of BTL's business and remittance solutions, regulatory approvals and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may," "expect," "estimate," "anticipate," "intend," "believe" and "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, and other factors, many of which are beyond the control of NARL. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, NARL disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, NARL undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Northern Aspect Resources Ltd.
    Brian Hinchcliffe
    President and Chief Executive Officer
    1 (914) 815-2773
    bhinch3@gmail.com