Winning Asia’s assets poised for Canadian listing via Digicann Ventures in reverse takeover

Canadian Securities Exchange-listed Digicann Ventures Inc says it has a binding share-exchange agreement with casino gaming product distributor Winning Asia Technology Macau Ltd and its shareholders. The transaction, if realised, would constitute a reverse takeover of the Canadian company and result in its corporate name being changed to “Auronexa Technologies Inc”. After the completion of the deal, the Canada-listed company was expected to “continue developing and commercialising” Winning Asia’s existing businesses, including its “technology platforms”. Macau-based Winning Asia promotes its its own gaming products and slot management systems under the “AGT” brand. It also distributes casino games from other manufacturers. In addition to the gaming equipment business, the company has been tapping a developing market for artificial intelligence (AI)-driven robotic security, its co-founder and chief executive Alice Tang told GGRAsia earlier this year. The proposed reverse-takeover transaction is still subject to approval by Digicann’s shareholders, and by the Canadian bourse, Digicann mentioned in its update. Under the share-exchange agreement – signed on November 4 – Digicann would acquire 100 percent of Winning Asia in exchange for common shares of Digicann. Digicann intends a 25-to-1 share consolidation, and would settle approximately CAD1 million (US$708,748) in principal amount of convertible debentures, together with accrued interest, and “certain accounts payable and other obligations”, through the issuance of common shares “pursuant to settlement agreements”. Post-deal, former Winning Asia shareholders and a number of its related service providers would hold an aggregate 83 percent of the Canadian publicly traded entity’s shares, per the announcement. The remaining approximately 17 percent of shares would be attributable to Digicann’s shareholders and for settlement of certain outstanding securities and liabilities. Digicann Ventures has been listed in the Canadian bourse since June 2014. The company was – before August 2023 – known as Agra Ventures Ltd.