Innovation Beverage Group to Buy 51% of BlockFuel

Innovation Beverage Group (IBG) announced an acquisition of a controlling 51% stake in BlockFuel Energy through an amended merger agreement. IBG will buy 127,628 shares of BlockFuel and also issued warrants to purchase 3,815,766 IBG ordinary shares at $0.0001 per share.

IBG provided a $2.5 million unsecured loan. After the amended merger closes, the warrants are expected to convert to 20,643,297 IBG shares, and BlockFuel Energy holders are expected to own approximately 90% of the combined company, with IBG shareholders retaining approximately 10%.