Placement and Issue of Performance Payment Shares
The Company advises that it has received firm commitments to subscribe for 18,904,110 Shares to raise AUD$2.76M at $0.146 per Share from sophisticated and institutional investors (Placement).
The Placement is expected to be completed within 5 business days and the Shares will be issued without disclosure under the Company's placement capacity under ASX Listing Rule 7.1.
Funds received from the Placement will be used for growth initiatives, working capital and to strengthen the Company's balance sheet.
Canaccord Genuity (Australia) Limited acted as Lead Manager to the Placement.
Issue of Performance Payment Shares
The Company further advises that the $1.5M EBIT performance targets (Performance Targets) associated with the acquisition of DynamicOdds Pty Ltd and C.D.K Software Limited (CDK) and the acquisition of the parent company of Global Betting Services Pty Ltd (GBS) have been satisfied. Accordingly, the Company must pay to the shareholder of CDK and the shareholders of GBS $3M, respectively (Performance Payments). The Company has elected to pay the Performance Payments in full by way of the issue of Shares.
Accordingly, the Company advises that yesterday it issued a total of 41,095,890 Shares at a deemed issue price of $0.146 (being the 15-day VWAP immediately prior to the issue of Shares), in full and final satisfaction of the Performance Payments.
For full details of the Performance Targets and Performance Payments, please refer to resolutions' 4 and 5 of the notice of annual general meeting of the Company to be held on 26 November 2019 (AGM) released to the market on 22 October 2019.
The Shares have been issued under the Company's 15% placement capacity under ASX Listing Rule 7.1. The Company will seek ratification of the issue of Shares at the upcoming AGM.
About Betmakers Technology Group Ltd
Betmakers Technology Group Ltd (ASX:BET) (FRA:T07) is an ASX-listed holding company and a global provider of online wagering products and services to both wholesale and retail markets through its various wholly owned subsidiaries. The Company operates a retail wagering business, offering consumers wagering, fantasy tournament and content products and services.
Betmakers Technology Group Ltd