More acquisitions Seven Aces Limited Acquires Two Gaming Contracts from Platinum Amusements, LLC. and Update on NCIB
Monday, September 30, 2019 8:00 AM
TORONTO, CANADA / ACCESSWIRE / September 30, 2019 / Seven Aces Limited (formerly Quantum International Income Corp.) (the "Company") (TSXV:ACES) is pleased to announce that its 70% owned subsidiary, Lucky Bucks, LLC. ("Lucky Bucks"), has acquired two location contracts from Platinum Amusements, LLC., a digital skill-based gaming terminal operator based in the U.S. State of Georgia, in exchange for cash consideration of US$566,637 (the "Acquisition").
The purchase price for the Acquisition was funded by Lucky Bucks through an advance under the senior secured credit facility described in the press release of the Company dated November 15, 2018 and titled "Quantum Announces Increase in Credit Facility to US$100 million; Other Corporate Updates". The gaming contracts that have been acquired are fully licensed and governed by the Georgia Lottery Corporation, and offer players a variety of skill-based coin-operated amusement machines.
The Acquisition was completed pursuant to a purchase agreement dated September 27, 2019 among Lucky Bucks, Platinum Amusements, LLC., and Kunal Babani.
Normal Course Issuer Bid
The Corporation also announces that as at September 27, 2019 it has repurchased 4,509,950 common shares under its normal course issuer bid ("NCIB") at an average price of $0.90. The Corporation received approval from the Exchange to commence the NCIB on February 19, 2019 as announced in the press release on February 15, 2019.