Intema takes ownership of all of the issued and outstanding securities in the capital of Livestream, as per the terms of a deal agreed last month.
Completion was made possible after Intema last week secured an online gaming licence in the Isle of Man, a key condition of the acquisition.
“This is a great day for Intema as Loot.Bet is an important steppingstone for us in the esports and igaming sectors,” Intema president and chief executive Laurent Benezra said. “I would like to thank our shareholders, investors, employees and stakeholders for their overwhelming support and patience in closing this game-changing acquisition.
“In our view, Loot.Bet’s online gaming platform is second to none and has great market and scaling potential. With the Isle of Man online gaming license in place, Loot.Bet is well positioned to expand its operations globally, which enables us to accelerate our expansion.
“Over the last year, Intema’s team has been working hard in parallel to build our esports and igaming ecosystem in anticipation of this very moment, and we look forward to sharing our progress as we continue to expand our activities and focus on achieving profitable growth.”
The consideration payable will be held in escrow pending the posting of a filing statement on Canada’s SEDAR and issuance of the Toronto Stock Exchange Venture Exchange bulletin about the deal.
Intema said the acquisition would trigger an automatic exercise of subscription receipts into common shares and warrants of Intema.
At this time, 20,014,000 subscription receipts issued as part of the offering will be automatically exercised into 20,014,000 common shares of Intema and 10,007,000 common share purchase warrants of Intema, for gross proceeds of CA$10.0m (£5.8m/€6.9m/US$7.9m).
Each warrant allows the holder to purchase one common share at an exercise price of $0.90 for a period of 12 months from the date of issuance.
Intema plans to use a portion of these proceeds to fund the cash consideration part of the acquisition, while it also issued 6,470,588 common shares at a price of $0.425 each to vendors.
For the year ended 31 December 2021, Livestream posted €2.2m in revenue and a net loss of €173,818.
Original article: https://igamingbusiness.com/intema-closes-acquisition-of-loot-bet-owner/
