Intema Solutions announced that it has satisfied the outstanding conditions for the release of escrowed funds from their previously announced private placement of subscription receipts. They have closed their previously announced transaction with Livestream Gaming whereby Intema has acquired all of the issued and outstanding securities in the capital of Livestream. Livestream is the parent company of LOOT.BET, a licensed server-based real money online gaming platform and a top brand in the esports betting space.
“This is a great day for Intema as LOOT.BET is an important stepping stone for us in the esports and iGaming sectors,” said Laurent Benezra, the President of Intema. “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.”
In connection with the escrow release, the 20,014,000 subscription receipts issued pursuant to the offering will be automatically exercised into 20,014,000 common shares of Intema and 10,007,000 common share purchase warrants of the company.
Lastly, Intema’s board of directors has approved the grant of stock options exercisable for a total of 6,029,412 common shares to its directors, officers, employees, and consultants. All options were granted pursuant to the company’s stock option plan and are subject to the terms of the applicable grant agreements and the requirements of the TSX Venture Exchange.
(All information was provided by GlobeNewswire)