Celsius Coal And Favourit Sign Acquisition Agreement

Mining firm to rebrand as Favourit Limited

Australian stock exchange-listed resource mining developer Celsius Coal Ltd has signed a heads of agreement (HOA) for the acquisition of Favourit Global Pty Ltd, saying Favourit's social sports betting platform demonstrates potential for strong growth.
The unusual departure from the original nature of its business will require Celsius embark on a re-compliance process regarding the ASX's admission requirements.
Celsius Coal will ultimately issue Favourit shareholders 57 million fully paid ordinary shares in Celsius at a deemed price of A$0.20 as consideration for the acquisition.
On completion of the deal, Celsius will change its name to Favourit Limited and undergo a Board change.
Current Favourit chief executive officer Gary Harris will be named Chairman of the Board while co-founder and former chief executive officer Toby Simmons, director Richard Kuo and non-executive director Dennis Verrios will serve as directors.
InfoPowa readers will recall Gary Harris being appointed chief executive officer by the social sports betting group early in September (see previous InfoPowa reports). Harris previously served as IT director and a board member for Sportingbet Australia Group between 2004 and 2013 where he was responsible for technology development and operations, growing online turnover from A$10 million to over A$2.4 billion.

Online Casino News Courtesy of Infopowa

About the Author... Total Posts Written: 9,449
Casinomeister

Casinomeister

The man with the plan here at Casinomeister. Bryan Bailey has been running Casinomeister since its launch in June of 1998. He has watched the industry grow from its primeval stage to what it is now. The Meister has attended nearly 100 conferences in the past 20 years and has either been a speaker or a panel moderator for at least 60 events. He has always been an advocate of fairness and reason and is known to like German beer, a good Scotch, and astrophography.
bryan@casinomeister.com

See More Posts