$BRLL Barrel Energy Announces Entry Into Share Purchase Agreement For Strategic Investment And Development Plan With Flote
is pleased to announce pleased to announce the execution of a Share Purchase Agreement ("SPA"
with Flote App Inc. ("Flote"
, the designers of advance social media, virtual reality and cryptocoin platforms.
In consideration for the share purchase agreement, Barrel's per share purchase price is based upon specific pre-market valuations of Flote and the Company will be entitled to acquire an aggregate of 45% equity into the cutting-edge company by way of two tiered tranches.
Flote are the creators of a massive new Social Network system built on respect for each user's personal data, privacy and pocketbook. The all-encompassing Flote platform fully delivers on the internet's promise of a wholly connected community without big tech censorship, murky guidelines, and infringement. On Flote, people can regain their privacy, express themselves freely, build communities, chat, text and earn digital money by engagement or providing valuable content. The powerful platform provides a valuable marketspace with multi-currency wallets and more ways for content providers and creators to monetize their goods and services, even including their content from third-party social applications like Facebook or Twitter.
Barrel's first tranche of Common shares, equal to a 25% interest in the equity of Flote, is based upon a $10,000,000.00 (Ten Million Dollars) valuation; and the second tranche of Common shares of the Company, equal to a further 20% interest, is based upon a $30,000,000.00 (Thirty Million Dollars) valuation for Flote. Barrel has already executed and delivered the first portion of the initial 25% tranche.
As Flote ramps up its marketing and development it will move some operations into the Barrel Technology Center. Flote has also developed a cryptocurrency token based on the Ethereum blockchain which will be integral part of the entire Flote social ecosystem, fully able to support fast and autonomous business or personal monetary transactions.