Dr. Phone Fix Canada Limited entered into a binding letter agreement to acquire Auka Capital Corp. (TSXV:AUK.P) for CAD 6.6 million on April 23, 2024. For each issued and outstanding common share of DPF will be acquired by a newly-formed subsidiary of Auka for aggregate consideration of CAD 12,000,000, to be satisfied through the issuance of 60,000,000 common shares in the capital of Newco, each Newco Share having a deemed value of CAD 0.20.

The transaction is subject to approval of the Transaction by the boards of directors of the Corporation and DPF, satisfactory completion of due diligence and execution of the Formal Agreement. Shareholder approval is not required with respect to the Transaction under the rules of the TSX-V. However, the structure of the Transaction has not yet been finalized so shareholder approval under corporate law may be required and a meeting of shareholders of the Corporation may be held prior to the closing of the Transaction to approve one or more of the name change and electing the board of directors.