Business
Planet Ventures - Receives Final Approval and Closes Acquisition of 1st Eleven Limited
(via TheNewswire) V A N C O U V ER, British Columbia - TheNewswire...
About this update from Planet Ventures Inc
[{"type":"text","content":"Planet Ventures - Receives Final Approval and Closes Acquisition of 1st Eleven Limited(via TheNewswire)\n \n \nVANCOUVER, British Columbia - TheNewswire - February 12, 2020 - Planet Ventures Inc. (TSXV:PXI) (FSE:P6U) (\"Planet\" or the \"Company\") is pleased to announce that it has received final approval from the TSX Venture Exchange for its acquisition (the \"Acquisition\") of 1st Eleven Limited (\"First XI\") and the acquisition closed on February 12, 2020. \n\n\n \nPursuant to the terms of the share exchange agreement (the \"Share Exchange Agreement\") between the Company and First XI dated November 1, 2019, the Company issued 70,000,000 common shares in the capital of the Company to the former First XI shareholders in exchange for all of the issued and outstanding shares in the capital of First XI. Additionally, pursuant to the Share Exchange Agreement, the Company paid First XI the aggregate sum of CDN$200,000.\n\n\n \nZula Kropivnitski, CFO of Planet commented: \"We are extremely pleased to announce the final approval from the TSX Venture Exchange of our acquisition of First XI. Moving forward, we will continue to be resolute in looking to provide investors with progressive investment and growth opportunities. As First XI continues to expand and roll out its compelling and unique eSports program, we will continue keep investors and shareholders informed of its progress.\"\n\n\n \nPeter Glancy, Founder and CEO of First XI commented: \"We are excited to close our agreement with Planet Ventures and the timing is significant as we close at the beginning of 2020 as a new decade begins. eSports is a significant investment opportunity. The eSports industry continues its unwavering and unprecedented progression into a global multi-million dollar business and we look forward to having First XI make a significant impression in this exciting and growing market. It's the perfect time to be joining Planet and we look forward to exciting times ahead.\"\n\n\n \nPlanet's management team continues to monitor its current portfolio of investments in the eSports, as well as several disruptive technology industries and will provide further updates over the coming months. \n\n\n \nAbout First XI \n\n\n \nFirst XI's focus is to maximise on the exciting opportunities and capitalise on the increasing demand for live content in eSports, by offeri...