Intema Solutions (ITM) has completed the first tranche of its non-brokered private placement of subscription receipts.
The first tranche closing consisted of 11,420,000 subscription receipts at a price of $0.50 for aggregate gross proceeds of $5,710,000. The private placement is being undertaken in connection with its previously announced acquisition of Livestream Gaming Ltd.
The proceeds of the first tranche of the placement are being held in escrow pending the satisfaction of the escrow release conditions. If the proposed transaction is not completed within 180 days of the closing of the private placement, the subscription receipts will be cancelled and the holders will receive an amount equal to the price of their subscription receipts.
Each unit consists of one common share of Intema and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one share at an exercise price of $0.90 for a period of 12 months from the date of issuance.
The corporation will pay a finder's fee consisting of a cash fee of 6 per cent of the aggregate value of the subscription receipts sold and finder's warrants equal to 8 per cent of the subscription receipts sold.
Net proceeds raised under the private placement will be used entirely to fund the acquisition of Livestream Gaming Ltd.
The transaction is subject to a number of conditions including approval of the TSX Venture Exchange.
Intema Solutions Inc. is the world’s emerging leader in the esports and iGaming industry.
Intema Solutions Inc. (ITM) opened trading at C$0.53 per share.