Post by
maikaljarry on Feb 06, 2024 10:24am
$VIP Completes Acquisition of Bet Rewards Ltd.
VIP Entertainment Technologies Inc (TSXV-$VIP) has successfully acquired Bet Rewards Ltd., a prominent player in the gaming industry. The share purchase agreement was finalized on December 1, 2023, with the consideration amounting to $550,000. As part of the agreement, 6,470,590 common shares of VIP Entertainment Technologies will be issued to the shareholders of Bet Rewards at a deemed price of $0.085 per share.
The acquisition does not involve any non-arm's length party or insiders of the company, and it will not create any new control person. Additionally, no finder's fee was paid in connection with the purchase and sale of the shares.
As part of the agreement, executive officers at Bet Rewards have the opportunity to earn performance warrants worth up to $350,000 in common shares of VIP Entertainment Technologies. The number of performance warrants granted will be determined based on the company's gross revenue targets over the next 18 months following the transaction's closing.
Apart from that Regulatory compliance is of utmost importance to VIP Entertainment Technologies Inc and the company tries to maintain strict adherence to iGaming, KYC, and AML regulations. Its secure commerce partnerships also provide peace of mind to both the company and our valued players.