Ritorno plc has acquired the intellectual property rights of the Billion Dollar Draw from MHL Invest No 1 Limited for £4 million, aiming to leverage blockchain for charitable fundraising.

Target Information

Ritorno plc is pleased to announce the acquisition of the entire issued share capital of MHL Invest No 1 Limited, hereafter referred to as MHL, from Mesh Holdings plc. MHL is the owner of all existing and in-development intellectual property rights associated with the Billion Dollar Draw. The total consideration for this acquisition amounts to £4,000,000, which has been settled through the issuance of 888,888,888 new ordinary shares at a price of 0.45p per share, credited as fully paid. As a result, Mesh now holds 925,000,000 ordinary shares, representing 26.6% of Ritorno's expanded issued share capital.

Industry Overview

The Billion Dollar Draw aims to leverage innovative fundraising methods to address critical global issues, particularly poverty and social inequality. With nearly 2.5 billion people living on less than US$1.90 a day and over 1 billion suffering from chronic hunger, the initiative is positioned in a context where urgent solutions are necessary. UNICEF indicates that the COVID-19 pandemic has exacerbated this situation, pushing an additional 150 million children into poverty, highlighting the immediacy of the issues at hand.

Global fundraising initiatives, particularly those that employ technology and innovative approaches, have the potential to make a significant impact on these pressing challenges. The Billion Dollar Draw aims to harness the power of blockchain technology to facilita