Betting

Intema Acquires LOOT.BET As Part of Livestream Gaming Collaboration

Hailed as a fast-emerging esports and iGaming portal focused to expand esports betting cluster, Intema Solutions Inc. has proudly announced to sign a strategic Letter of Intent with Livestream Gaming Ltd, Belize on April 30, 2021.

According to the report, the participating firms will execute a Proposed Transaction as part of the pact wherein Intema will take hold of all the issued and outstanding Livestream Securities for an amount of $14,750,000 to security holders. The Livestream firm is the proud owner of leading esports betting channel LOOT.BET and the integration will bestow acquisition rights for LOOT.BET to Intema too. The collaboration will play a significant role in strengthening Intema’s hold in the esports fraternity.

Working as a globally-acclaimed esports betting portal, LOOT.BET provides world-class services and tools to its diverse cluster of fans. The platform offers a plethora of services including live betting and online gaming facilities. The firm has a strong partnership with leading esports studios, operators, and related people. It takes pride being an active supporter of the Esports Integrity Commission, an organization that keeps malpractices in control. In 2020, Livestream fetched gross revenue of 3.22 Million Euros and a net profit of 79,806 Euros from Asian and European players.

Talking about the partnership, Peter Zhalov, CEO of Livestream stated that the integration will help them to explore the North American market easily making them fetch increased revenue. The team is confident about the potential of Intema as it has managed to gain success in a short span. The firm is elated to work closely with Intema to further its plans.

Highlights of the Proposed Transaction

The amount will be disbursed by Intema as follows:

  • $8,000,000 in cash
  • $4,000,000 via a secured vendor take back note of Intema having 12% interest. The first phase of $2,000,000 shall mature in the ninth month following the date of closing. The remaining shall become due in the eighteenth month following the closing date.
  • $2,750,000 will be paid by the issuance of common shares of Intema. They will be issued at a price equivalent to the five-day volume-weighted average trading price of the shares on the TSX Venture Exchange as on the date of signing of the deal.

Apart from this, Intema will pay $3,000,000 in cash as extra amount to the holders in the form of Milestone Payment:

  • $1,500,000- In case Livestream pools a minimum gross income of $7,500,000 during the 12-months from the closing date.
  • An extra $1,500,000- In case Livestream earns a minimum gross gaming income of $11,250,000 during the 13-to-24-month span following the closing date.

The firm will pay a minimum capital contribution of $6,000,000 to Livestream for 2 years post the closing date. The Proposed Transaction period will end in the third quarter of the current year as per the deal. Intema will execute a private placement of subscription receipts for gross revenue of a minimum of $10,000,000 at a cost per Subscription Receipt that will be ascertained through market cost.

Joseph Watkins

Joseph Watkins is an avid gambler and also contributes the in-depth & most recent Las Vegas casino news stories. He joins LasVegasCasinoNews.com as a news-editor recently with almost two years of experience in sports news writing.

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