News 3.0 Limited entered into a letter of intent to acquire Braingrid Limited (CNSX:BGRD.X) in a reverse merger transaction for CAD 2 million on November 30, 2020. As per terms, Braingrid Limited shall purchase 51,000 shares of Cryptonews for the consideration payable by way of the issuance of a new class of preferred shares of Braingrid Limited to be designated as Series “1” preferred shares. In a related transaction, Braingrid Limited has also entered into a letter of intent with a shareholder of Sportsclothes UAB on November 29, 2020, to purchase 20% stake of Sportsclothes.

Tony G is contemplated to remain a substantial shareholder of Cryptonews following the completion of the transaction. The transaction is subject to certain conditions, including but not limited to shareholder and Canadian Securities Exchange approval of the proposed change of business to an investment company.