Powerhive Inc. signed a letter of intent to acquire Veteran Capital Corp. (TSXV:VCC.P) in a reverse merger transaction for approximately CAD 100 million on June 10, 2024. According to the Agreement, the issued and outstanding shares of Veteran will consolidate on a 4:1 basis, and thereafter Veteran will acquire all the issued and outstanding shares of Powerhive in exchange for the issuance of 58,333,334 common shares of Veteran at a deemed price of $0.60 per share. Concurrent with the closing of the Qualifying Transaction, Veteran will complete a private placement of up to 83,333,333 [post-consolidation] common shares for $0.60 per share for gross proceeds of up to $50,000,000.

Upon completion of the Transaction, it is expected that Veteran will change its name to Powerhive Inc. Upon completion of the Qualifying Transaction, Veteran's management and board of directors will be reconstituted to include key members from Powerhive's leadership and board of directors. The new management team will be led by Mr. Christopher Hornor, Chief Executive Officer. The resulting issuer also intends to concurrently list on the Nairobi Stock Exchange to enhance its presence in the African market and leverage local investment opportunities.

The transaction is subject to approval by regulatory board / committee and completion of the Qualifying Transaction is subject to a number of conditions including, but not limited to, Exchange acceptance and, if applicable, according to Exchange Requirements, the majority of the minority shareholder approval. Where applicable, the Qualifying Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Qualifying Transaction will be completed as proposed.