GREY:ACEXF - Post by User
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lscfaon Jul 06, 2020 10:03am
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More acquistions
More acquistionsIf takeout price is not raised I may have to vote no......
Seven Aces Limited Acquires Thirteen Additional Gaming Contracts
Monday, July 6, 2020 7:45 AM EST
TORONTO, ON / ACCESSWIRE / July 6, 2020 / Seven Aces Limited (the "Company") (TSXV:ACES)(OTC PINK:ACEXF) announces that its 70% owned subsidiary, Lucky Bucks, LLC ("Lucky Bucks"), has acquired thirteen location contracts from Klass Amusement LLC ("Klass"), a digital skill-based gaming terminal operator based in the U.S. State of Georgia, in exchange for cash consideration of US$7,000,000 (the "Acquisition"). Pursuant to the terms of the Acquisition, the aggregate purchase price payable to Klass may be adjusted up or down based on the actual performance of the acquired location contracts. In the event that the performance of the acquired location contracts materially differs from historical results, the aggregate purchase price paid for the contracts acquired from Klass may materially increase or decrease.
Lucky Bucks funded the purchase price for the Acquisition through an advance under the credit facility described in the press release of the Company dated January 29, 2020 and titled "Seven Aces Announces New US$165 Million Credit Facility and Acquisition of Additional Gaming Contracts." The acquired gaming contracts are fully licensed and governed by the Georgia Lottery Corporation, and offer players a variety of skill-based coin-operated amusement machines.