Wolverine Exploration Inc. and ENIGMAMobil Inc. Sign Amended Letter of Intent
22.01.2014 | Accesswire
Vancouver, January 22, 2014 - Wolverine Exploration Inc. ("Wolverine") (OTCQB:WOLV) announced today that it has entered into an Amended Letter of Intent ("LOI") with the cyber security corporation ENIGMAMobil Inc.("Enigma"). Under the terms of the LOI Wolverine will acquire a 25% interest in Enigma for the purchase price of USD $5,000,000 of which USD $3,000,000 is to be paid in shares of common stock of Wolverine at a deemed price of USD$0.01 per share and USD$2,000,000 in cash. The LOI has an expiry date of June 30, 2014.0.2Wolverine also announced today a proposed private placement of up to 50,000,000 common shares at USD $0.01 per share. The proceeds from the private placement will be used for working capital.
Business of Enigma
Enigma is building a fully secure mobile wireless software application for Apple iOS, Android and Blackberry developed through a full patented language technology with the capability to protect against unauthorized computer intrusion and fraud. The language, available to Enigma, to create the wireless security application was developed over a 12-year period is complete and operational and has been substantiated by IBM's Research Labs. When complete, Enigma will have the only ability to protect with certainty, the wireless marketplace worldwide currently in excess of 6 billion devices and growing at a rate of 50% annually. The Enigma mobile security application will be available to the marketplace within a 10-month period commencing upon receipt of the funding.
For additional information regarding Enigma please visit www.enigmamobile.com.
On behalf of the Board
Lee Costerd
President
For further information please contact:
Wolverine Exploration Inc.
Investor Relations
(778) 297-4409
investor@wolverineexplorationinc.com
www.wolverineexplorationinc.com Or
The Foothills Group
San Jose, CA
541-210-5052
info@foothillsgroup.com
www.foothillsgroup.com
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, statements regarding the Enigma acquisition.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.