Canada
Intema Signs Definitive Share Purchase Agreement to Acquire Livestream Gaming Ltd
Intema Solutions has signed a definitive share purchase agreement to acquire Livestream Gaming.
Livestream is a private corporation which owns LOOT.BET, a licensed server-based real-money gaming platform and a top brand in the world of esports betting.
Pursuant to the Transaction, Intema will acquire all of the issued and outstanding Livestream Securities for a consideration of $14,750,000 to the Livestream securities holders on the closing date as follows: (i) $8,000,000 in cash, (ii) $4,000,000 by the issuance of a secured vendor take back note of Intema bearing 12% interest from the date of any default (a first tranche of $2,000,000 maturing on the ninth month following the closing date, and the balance on the eighteenth month following the closing date), and (iii) the issuance of 6,470,588 common shares of Intema.
In addition, Intema will pay Livestream securities holders up to an additional $3,000,000 in cash, subject to the achievement of the following milestones: (i) $1,500,000, if Livestream generates minimum gross gaming revenue of $7,500,000 during the 12-month period following the closing date, and (ii) an additional $1,500,000, if Livestream generates minimum gross gaming revenue of $11,250,000 during the 13- to 24-month period following the closing date.
Intema will also make a minimum capital contribution of $6,000,000 to the operations of Livestream over a period of 2 years following the closing date.
“After months of hard work and negotiations, we are thrilled to have signed this definitive agreement to purchase Livestream, which will allow Intema to become a major player in the esports and iGaming sectors. LOOT.BET is unequivocally the best online betting platform in the world and, with the help of Intema’s emerging ecosystem and Isle of Man license, it has the potential to grow significantly more. We look forward to the final closing so we can truly begin our journey,” Laurent Benezra, President and Chief Executive Officer of Intema, said.
