Bluesky Digital Announces Termination of ChessGold Inc. Transaction and Management and Director Changes
The parties could not meet the CSE's equity financing requirements, and trading resumption remains dependent on exchange action.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Bluesky Digital Assets (BTCWF) has terminated its proposed acquisition and fundamental change transaction with ChessGold by mutual agreement. The parties determined they could not meet the equity financing requirements set by the Canadian Securities Exchange in its conditional approval. They terminated the share exchange agreement previously announced on April 17, 2026.
The company plans to resume technology-sector activities while seeking new opportunities. Trading in its common shares is expected to resume on the CSE after exchange confirmation and a resumption bulletin. Ben Gelfand departed as director and chief executive officer, effective October 19, 2026. Board chairman Alan Grant was appointed interim chief executive officer. Frank Kordy returned to the board effective immediately to fill Gelfand's vacancy; he previously served as a director and chief financial officer.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Minor point. Forward-looking: it has not happened yet and may not happen.Bluesky plans to resume technology-sector activities while seeking new opportunities.
Negative
- Moderate pointChessGold acquisition terminated after the parties determined they could not meet CSE equity financing requirements.
- Minor pointTrading resumption remains pending CSE confirmation and an exchange bulletin announcing the resumption.
AI-generated analysis. How Rhea-AI works. Not financial advice.
TORONTO, ON / ACCESS Newswire / October 19, 2026 / Bluesky Digital Assets Corp. (CSE:BTC)(OTCID:BTCWF) ("Bluesky" or the "Company") announces that it will not be proceeding with its proposed acquisition and fundamental change transaction (the "Transaction") with ChessGold Inc. ("ChessGold"). Following a thorough review and ongoing discussions, the parties have determined that they will be unable to meet the financial requirements for an equity financing as set forth by the Canadian Securities Exchange (the "CSE") in its conditional approval and have mutually decided to terminate the share exchange agreement between the parties, previously announced on April 17, 2026.
The Company and ChessGold have expressed appreciation for their collaborative efforts throughout the process and wish each other continued success in their future endeavors, as both parties pursue new opportunities. The Company will resume activities in the technology sector, while searching for new opportunities to enhance shareholder value.
Trading in the common shares of the Company is expected to resume on the CSE upon receipt of confirmation from the CSE and the CSE issuing a bulletin announcing the resumption of trading.
Management and Director Update
The Company also wishes to announce the departure of Mr. Ben Gelfand as a Director and the Chief Executive Officer of the Company, effective October 19, 2026. The Company thanks Mr. Gelfand for his years of service to the Company. Mr. Alan Grant, the Chairman of the Board, has been appointed as interim Chief Executive Officer of the Company to fill the vacancy created by Mr. Gelfand's departure.
The Company is also happy to welcome back Mr. Frank Kordy to its Board, effective immediately, to fill the vacancy created by Mr. Gelfand's departure. Mr. Kordy previously served as a Director and the Chief Financial Officer of the Company.
About Bluesky Digital Assets Corp.
Bluesky Digital Assets Corp. is creating a digital enterprise at the intersection of Artificial Intelligence, Blockchain and Web3 business solutions. Leveraging its success as an early adopter providing proprietary technology solutions, Bluesky has invested in its Roadmap.
For more information please visit Bluesky at: www.blueskydigitalassets.com
Please also follow us on Linkedin at: www.linkedin.com/company/bluesky-digital-assets/
For further information please contact:
Mr. Alan Grant
Chairman & Director
Bluesky Digital Assets Corp.
T: (437) 385-2114
E: info@blueskydigitalassets.com
Cautionary Statement
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither CSE nor its Regulation Services Provider as that term is defined in the policies of the CSE accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Statements
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements. Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider as that term is defined in the policies of the CSE accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.
SOURCE: Bluesky Digital Assets Corp.
View the original press release on ACCESS Newswire
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
Why did Bluesky Digital Assets terminate the ChessGold acquisition?
The parties mutually terminated the transaction because they determined they could not meet the equity financing requirements in the CSE's conditional approval. The terminated share exchange agreement had previously been announced on April 17, 2026.