Total consideration of Cdn$454,250 paid for daily fantasy sports assets
Toronto-listed Fantasy Aces Daily Fantasy Sports Corp. has announcements the completion of its acquisition deal with Fantasy Feud Inc., a subsidiary of Gaming Nation Inc. for a total consideration of Cdn$454,250.
Fantasy Aces paid Gaming Nation a cash payment of Cdn$25,000, with the remainder of the purchase price being paid by way of 6,132,143 of its common shares at a price of Cdn$0.07 per Common Share.
The completion of the acquisition remains subject to final TSX Venture Exchange acceptance.
Fantasy Aces has additionally revealed that its Common Shares have begun trading on the OTCQB, a U.S.-based stock exchange, under the symbol FASDF.
Tom Frisina, CEO of Fantasy Aces said in a company statement Tuesday:
"As our business continues to expand, it is important that our visibility follows suit. We are pleased with our progress to date and we're at an important inflection point to generating substantially more revenue over the coming quarters. We therefore felt it was necessary to expand our investor audience in a market that understands the scope of our business.
"Closing the acquisition from Gaming Nation is an important milestone for us and the additional active participants will make an important contribution to our future revenue stream."
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