- Intema (ITM) announces it has completed the second tranche of its non-brokered private placement of subscription receipts
- The company issued 8,549,000 subscription receipts for gross proceeds of $4,297,000
- Net proceeds will be used to fund the acquisition of Livestream Gaming Ltd.
- Intema Solutions Inc. is an emerging leader in the esports and iGaming industry
- Intema is unchanged trading at $0.53 at 1:35 p.m. ET
Intema (ITM) has completed the second tranche of its non-brokered private placement of subscription receipts for total gross proceeds of $10,007,000.
The second tranche consisted of 8,549,000 subscription receipts at a price of $0.50 for gross proceeds of $4,297,000.
The private placement is being undertaken by Intema in connection with its proposed transaction announced in June, by which the company will acquire all the issued and outstanding securities of Livestream Gaming Ltd.
Laurent Benezra, President and CEO of Intema, said the company is proud that its shareholders have shown confidence in its plans.
“With the progress we have made in recent weeks and the continued momentum in the esports and iGaming sectors, we have seen a significant increase in demand for our financing, which leads us to believe that we’ll be able to reach our $15 million target,” he said.
Each receipt will be automatically exchanged for one share of Intema Solutions Inc. requiring no action from the shareholders.
Currently all proceeds of the private placement are being held in escrow.
If the proposed transaction is not completed within 180 days of the first tranche, the subscription receipts will be cancelled, and shareholders will receive an amount equal to the total subscription price plus any interest earned.
Net proceeds will be used to fund the acquisition of Livestream Gaming Ltd.
The proposed transaction is subject to the approval of the TSX Venture Exchange.
Intema Solutions Inc. is an emerging leader in the esports and iGaming industry.
Intema is unchanged trading at $0.53 at 1:35 p.m. ET.