Business
LEAF Mobile Enters Into Letter of Intent to Acquire Truly Social Games and Expand Studio Group and Product Pipeline
LEAF Mobile Enters Into Letter of Intent to Acquire Truly Social Games and Expand Studio ...
About this update from East Side Games Group Inc
[{"type":"text","content":"\n \n \n \n LEAF Mobile Enters Into Letter of Intent to Acquire Truly Social Games and Expand Studio Group and Product Pipeline\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n March 9, 2021\n \n /CNW/ - LEAF Mobile Inc. (TSX: LEAF) (\"\n \n LEAF\n \n \" or the \"\n \n Company\n \n \"),\n \n Canada's\n \n leading free-to-play mobile game group, announces that the company has entered into a non-binding letter of intent (the \"\n \n LOI\n \n \") to acquire Truly Social Games (\"\n \n TSG\n \n \"), an innovative developer and publisher of mobile games headquartered in\n \n Vancouver, B.C.\n \n ,\n \n Canada\n \n .\n \n \n \n \n \n \n \n \n \n TSG was founded in 2015 by\n \n Cooper DuBois\n \n and\n \n Patrick Tougas\n \n and has offices in\n \n Vancouver\n \n ,\n \n Portland\n \n , and\n \n Minsk\n \n . TSG set out to build games that engage and involve players from the very first click with products such as\n \n Planet Gold Rush, Gold Mania, Invincible Hero, Idle Surfing, Bomb Brawl!\n \n and\n \n Draw A Stickman: AR\n \n . In addition, TSG has also developed games on IdleKit, published by East Side Games, such as\n \n Archer: Danger Phone\n \n , and three more exciting unannounced products on the way.\n \n \n \n TRANSACTION HIGHLIGHTS\n \n \n \n \n The total purchase price payable by LEAF in relation to the proposed transaction will not exceed\n \n CAD$37.0 million\n \n in total consideration on a cash and debt free basis.\n \n \n \n \n The proposed transaction will be executed in up to 3 tranches over a 42 month period, including an incremental contingent consideration period of 36 months depending on whether LEAF exercises ownership purchase considerations on additional tranche options and on whether gross revenue and net royalty development milestones of TSG on selected game titles are achieved in relation thereto.\n \n \n \n \n The initial 20% ownership interest in Truly Social Games will be purchased (the \"\n \n Initial Purchase\n \n \") for\n \n CAD$3.0 million\n \n in cash and the...