Intema resumed its security trading on November 22nd, and, in accordance with the provisions of the Canada Business Corporations Act, they proposed to repeal the current by-laws of the corporation and adopt new by-laws 1A of general by-laws and 1B of Advance Notice of shareholder nominees for election of directors (the “Advance Notice”). The purpose of the Advance Notice is (i) to ensure that all shareholders receive adequate notice of director nominations and sufficient time and information with respect to all nominees to make appropriate deliberations and register an informed vote; and (ii) to facilitate an orderly and efficient process for annual or special meetings of shareholders of the corporation. The Advance Notice By-Law fixes the deadlines by which shareholders must submit director nominations to the corporation prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in a timely written notice to the corporation for any director nominee to be eligible for election at such annual or special meeting of shareholders.
“We are excited to have our stock trading again and to pursue our growth plans in the rapidly growing esports and iGaming sectors,” said Laurent Benezra, President and CEO of Intema. “In the coming weeks, we will pursue our efforts to finalize the acquisition of Livestream Gaming Ltd., owner of LOOT.BET, and meet the conditions for approval of the transaction, including, but not limited to, obtaining a gaming license from the Isle of Man and filing the required documentation with the regulatory authorities.”
Intema also intends to settle a total of $250,000 in debt to their former president and CEO and it proposes a share issuance of an aggregate of up to 1,283,018 Common Shares as a bonus to Mr. Laurent Benezra, the current CEO of the corporation, pursuant to an Executive Employment Agreement dated March 31, 2021. The Bonus Shares will be issued: i. CAD$150,000 or 283,018 Shares as one-time compensation; and ii. over a period of four fiscal years of 2021 to 2024, 250,000 Shares per fiscal year, subject to certain conditions, or 200,000 Shares per fiscal year should the corporation attain 80% of the financial projection. The Bonus Shares will be subject to restrictions on transfer for a period of four months from issuance. A full description of the Amendment of By-laws, the Debt Settlement, and the Employment Agreement are set out in the corporation’s management information circular which will be filed on SEDAR in connection with an annual and special meeting of the shareholders of the corporation to be held in December 2021. The Debt Settlement and the Executive Employment Agreement are subject to the approval of a majority of disinterested shareholders at the annual meeting.
(All information was provided by GlobeNewswire)
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