Business
Global Daily Fantasy Sports Inc. Completes Acquisition of Playgon Interactive Inc.
(via TheNewswire) Vancouver, British Columbia - TheNewswire - June 22 , 2020...
About this update from Playgon Games, Inc.
[{"type":"text","content":"Global Daily Fantasy Sports Inc. Completes Acquisition of Playgon Interactive Inc.(via TheNewswire)\n \n \nVancouver, British Columbia - TheNewswire - June 22, 2020 - Global Daily Fantasy Sports Inc. (TSXV:DFS) (FSE:7CR) (\"Global\" or the \"Company\") is pleased to announce that it has completed the purchase of Playgon Interactive Inc. (\"Playgon\") from its shareholders as described in its press release dated December 2, 2019 (the \"Transaction\"). \n\n \n \nPursuant to the Transaction, Global issued 63,333,333 common shares (\"Common Shares\") to shareholders of Playgon at an ascribed price of $0.15 per share for a purchase price of $9,500,000. \n\n \n \nPursuant to the terms of the purchase agreement, 4,608,891 Common Shares of Global (the \"Indemnity Escrow Consideration Shares\"), were placed in escrow to satisfy any indemnity claims. Subject to the satisfaction of any agreed claims under the Agreement, 50% of the Indemnity Escrow Consideration Shares will be released to the Vendors on the one-year anniversary of the Closing Date of the Transaction and the balance will be released on the 18-month anniversary of the Closing Date. In addition, 41,480,009 common shares of Playgon (the \"Release Escrow Consideration Shares\") will be subject to resale restrictions, such that 12.5% of the Release Escrow Consideration Shares shall be released for sale on a quarterly basis following the initial six-month anniversary of the Closing Date. If the aggregate of indemnity claims exceeds the number of Indemnity Escrow Consideration Shares multiplied by $0.15 per share, the Release Escrow Consideration Shares shall also be subject to recovery by the Company to a maximum indemnity cap of $5,000,000. \n\n \n \nOn closing of the Transaction, Guido Ganschow, the President, Chief Executive Officer and principal shareholder of Playgon, was appointed to the board of directors of the Company. Mr. Ganschow has 12+ years of experience in creating real-time Live-Dealer platforms, he successfully created and established Live Dealer platform businesses in Asia, Europe and LATAM, and executed commercial partnerships with many of the top tier Gaming brands in the industry. He is the founder of Playgon Interactive Inc., a Canadian iGaming venture with a focus on innovating Live-Dealer technology and is the creative force behind its streaming social and ...