Alternet Systems, Inc. today announced plans to finalize terms and execute a letter of intent (LOI) next week on Tuesday, June 30, 2020 for a $25 million first tranche investment to fund ALYI’s $300 million electric mobility initiative in Africa.
The working terms include an approximate $50 million pre-money valuation of ALYI in consideration of the company’s $300 million electric mobility initiative. The $25 million first tranche investment represents a valuation of ALYI common stock at approximately $0.05 per share.
The first $25 million tranche is intended to result in a change of control with the investor becoming the controlling shareholder. A management change is not part of the planned investment. A second tranche at valuation calculated after the first $25 million investment is planned before the end of the year.
The planned ALYI investment is one component of an overall $100 million initial cryptocurrency offering (ICO) strategy. ALYI has partnered with an independent firm founded specifically for launching an initial crypto currency offering (ICO) dedicated to funding ALYI’s overall $300 million electric mobility project in Africa.
ALYI’s overall $300 million comprehensive electric vehicle strategy in Africa is founded on initially launching the commercial production of the company’s own ReVolt Electric Motorcycle. The ReVolt Electric Motorcycle pilot passed initial design requirements and ongoing pilot design refinements are expected to soon deliver a reduced overall weight and improved cruising range.
ALYI’s funding partner for the African electric mobility project has already been partitioned on the Ethereum Blockchain. A pre-ICO funding round is underway and ICO details are being finalized.
Source : PR Newswire