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Interactive Games (CSE:BETS) signs binding LOI to merge with Indian online gaming company
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  • Interactive Games Technologies (BETS) has signed a binding letter of intent to merge with an Indian online gaming company
  • Interactive intends to acquire all of the target's outstanding shares
  • The companies will negotiate a sale and purchase agreement with the aim of finalizing it by May 30, 2021
  • Interactive intends to grow the entities' combined revenues to exceed US$50 million within the next two years
  • As part of the agreement, Interactive is investing US$5 million within 10 business days of signing the LOI
  • Interactive Games Technologies provides online gaming products such as social gaming, fantasy sports, sports betting and an online casino
  • Interactive Games Technologies (BETS) is trading flat at $0.39 per share

Interactive Games Technologies (BETS) has signed a binding letter of intent to merge with an Indian online gaming company.

Interactive intends to acquire all of the target's outstanding shares.

The companies will negotiate a sale and purchase agreement with the aim of finalizing it by May 30, 2021.

As part of the agreement, Interactive is investing US$5 million within 10 business days of signing the LOI, which will be partially financed through a non-brokered private placement of Interactive Games shares at $0.33 per share.

The company intends to grow the entities' combined revenues to exceed US$50 million within the next two years.

The transaction is part of Interactive's efforts to accelerate its goal of achieving a user base of over 20 million players by the end of 2022.

The transaction will constitute a fundamental change for the company under the policies of the Canadian Securities Exchange.

Trading in Interactive's common shares may remain halted pending the approval of the transaction.

Interactive Games Technologies provides online gaming products such as social gaming, fantasy sports, sports betting and an online casino.

Interactive Games Technologies (BETS) is trading flat at $0.39 per share as of 12:38 pm ET.

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