KUALA LUMPUR, April 18 (Bernama) -- Khot Infrastructure Holdings Ltd announced change in the name of the Company to 'Blockchain Holdings Ltd' at its annual general meeting of shareholders held on April 9, 2018.
The company also announced the change of business from transportation infrastructure in Mongolia to developing proprietary indexes and ancillary data products for emerging blockchain and digital currency markets.
Other proposals put forward by the Board of Directors, as in the company's circular dated March 9, 2018 were approved, a statement said.
In addition, the company completed its non-brokered private placement of subscription receipts for gross proceeds of US$500,000 at a price of US$0.10 per receipt.
The proceeds of the Private Placement will be held in escrow pending the completion of the transactions approved at the meeting as each receipt will automatically convert into one common share of the company and will be used for the development of the company.
"With the closing of the debt settlements and private placement, the company is now positioned to launch its new cryptocurrency/blockchain proprietary indexing business," said Khot chairman, James Passin.
"Our strategic objective is to generate returns for our shareholders by carving out a role for the company in the exponentially expanding cryptocurrency and blockchain ecosystem,: he added.
Khot also said that it has reached agreement with its lenders to repay CAD$628,304.68 (US$499,586.29) in debt by the issuance of 6,283,047 common shares of the company at a price of US$0.10 per share.
Five board of directors were elected until the next annual general meeting - James Passin, Don Padgett, Jeremy Gardner, Wayne Lloyd and Gregory Kallinikos. The company also thanked Kenneth Farrell, Erin Chutter and Orgilmaa Siizkhuu for their contribution.
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