IBITx Software Inc Announces an Asset Purchase Agreement For Prospective Gold and Copper Property In Zambia

NEW YORK, Oct. 18, 2018 (GLOBE NEWSWIRE) -- IBITX SOFTWARE INC (OTCMKTS:IBXS) is proud to announce that it has entered into a definitive Asset Purchase Agreement with De Pere en Fils Ltd, a Mauritius Company to acquire 100% of a 4-square kilometre prospective Gold and Copper Mining property in Mumbwa Zambia, claim number 10456.

Under the terms of the agreement, in exchange for a 100% interest in the Property, IBITX will:

• Issue a Debenture for $5 million USD, with terms to be paid back from proceeds of mining or the option to convert the debt. The debenture has a maturity date of September 28th 2020, with an interest rate of 5% per annum. All unpaid interest and principle at the due date of the convertible debenture will be converted at par value of $0.001. The Holder is entitled to, at any time or from time to time, on or after the date that is six (6) months from the Date of Issuance of this Debenture, convert the Conversion Amount into shares of Common Stock, at a conversion price for each share of Common Stock (the "Conversion Price") equal to ninety percent (90%) of the lowest closing bid price per share (as reported by Bloomberg LP) of Common Stock for the twenty (20) trading days immediately preceding the date of conversion (subject to equitable adjustments resulting from any stock splits, stock dividends, recapitalizations or similar events occurring during such 20-day period). In the event the Company is not listed on a quotation board or exchange, the debt is convertible at par value. "Conversion Amount" shall mean the sum of (A) no more than 5% of the Company’s Issued and outstanding shares per conversion notice for either all or any portion of the outstanding principal amount of this Debenture per day, as designated by the Holder upon exercise of its right of conversion plus (B) all interest that has accrued on the portion of the principal amount that has been designated for payment pursuant to (A).
• Issuance of a $4,000 non-interest convertible debenture into Series A Preferred Shares.
• Issue 100 million common shares of IBITX Software Inc to De Pere en Fils Ltd
• The agreement is subject to a 1% (one percent) Net Returns Royalty interest in favour of the Seller. The Company shall have the right to purchase at any time from the Seller 1% (one percent) of the NRR for a total cash sum of USD$500,000 (Five Hundred Tousand United States Dollars).

The area is being explored for Iron Oxide Copper Gold (“IOCG”) style mineralization, similar to 3810 Mt Olympic Dam deposit in Australia, the giant deposit that guides IOCG exploration since its discovery, Ernest Henry in Queensland,and  the La Candelaria, Chile deposits. This type of Iron Oxide Copper Gold anomaly exists within the deposits of Kiruna Sweden, Marcona district in Southern Peru, Para State IOCG Brazil, Cloncurry district Australia and Gawler Craton South Australia, Punta Cobre IOCG Chile.

“We believe the acquisition of the prospective gold mining property could give a strong underlying asset for IBITx Software Inc, which may help to leverage the Crypto-Currency Exchange software in the future with tangible asset backed credibility,” Rose Marie D. Araos. “The Board has taken over a month to consider the due diligence from this proposition, and we look forward to moving forward with the De Pere En Fils team and adding their valuable resources and team members to our firm.”

For more information visit www.ibitxsoftware.com

About IBITX Software Inc

IBITx is a software development firm, which has developed a dynamic new type of currency exchange software. The platform can be licensed to broker dealers, or firms interested in launching their own crypto-currency exchange in partnership with IBITX utilizing the Software as a Service (SAAS) model, or users can login directly to the IBITX trading system, and make online payments and transactions in Crypto-Currency.

http://www.ibitxsoftware.com. (Exchange Platform as www.ibitx.com)

IBITX Software Inc
Rose Marie D. Araos
[email protected]
http://www.ibitxsoftware.com

Forward-Looking Statements

Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend", "could" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above. In addition, such statements could be affected by risks and uncertainties related to the crypto currencys, regulations, product demand, market and customer acceptance, competition pricing and development difficulties, as well as general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on IBITX Software's or IBITx website does not constitute a part of this release.

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