TSX:FANS - Post Discussion
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Betteryear2 on Jun 27, 2024 7:57am
FansUnite Enters into Definitive Agreement
Vancouver, British Columbia--(Newsfile Corp. - June 27, 2024) - FansUnite Entertainment Inc. (TSX: FANS) (OTCQB: FUNFF) ("FansUnite" or the "Company") announced today that, together with FansUnite US Inc. ("FansUS"), a wholly-owned subsidiary of the Company that carries on its Betting Hero business, it has entered into a definitive agreement (the "Stock Purchase Agreement") with GeoComply Solutions Inc. ("GeoComply") and Hero Group Corp. (the "Purchaser"), pursuant to which the Company has agreed to sell to the Purchaser all of the issued and outstanding shares of FansUS (the "Transaction"), for an aggregate purchase price of US$37.5 million, adjusted on a cash-free, debt-free basis. Following such adjustments, and the payment or discharge of the Obligations (as defined below), the Company anticipates net proceeds from the sale of FansUS of approximately US$20 million ("Net Proceeds"), assuming a closing date ("Closing Date") of the Transaction on or about August 15, 2024. Upon completion of the Transaction, the Purchaser will be controlled 60% indirectly by Betting Hero's co-founders, Jai Maw and Jeremy Jakary (the "Betting Hero Co-Founders"), and 40% by GeoComply. FansUnite Enters into Definitive Agreement to Sell Its Betting Hero Business to the Betting Hero Co-Founders and GeoComply (newsfilecorp.com)
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