News

28 February 2018

Update Black Cactus Global Inc – Licence Agreement

MILESTONE GROUP PLC

("Milestone" or the "Company")

Update Black Cactus Global Inc – Licence Agreement

 

Milestone (AIM:MSG), the AIM quoted provider of digital media and technology, announces that further to the announcement made 6 December 2017 relating to a Software Licence Agreement between the Company and Black Cactus Global Inc (Formerly Envoy Group Corp).

Following a review of the Company’s requirements of the Licence Agreement by both parties, they have agreed to cancel the original Licence Agreement and enter into a revised agreement to provide the Company with the products and services it requires as well as providing access to Black Cactus’s Consultancy services. This change is in alignment with the Company’s strategy of procuring technical services and IP from multiple sources on a “best of breed” basis.

The Licence Agreement dated 4 December 2017 had a requirement for the Company to issue Black Cactus Global Inc 744,131,477 shares which equated to 29.5% of its enlarged share capital (“Share Consideration”) subject to shareholder approval. With the cancellation of the Licence Agreement the obligation of the Share Consideration has been removed from the Company.

The terms of a revised agreement are currently being negotiated but will not require the issuance of any shares as part of the consideration for entering into the agreement, a further announcement will be made in due course.

For further information

Catenae Innovation Plc
Tony Sanders

Tel: 020 7929 7826

Cairn Financial Advisers LLP, Nominated Adviser
Liam Murray/Jo Turner

Tel: 020 7213 0880

Cornhill Capital, Broker
Dan Gee

Tel: 020 3700 2500