22nd Dec 2021 12:18
(Alliance News) - B90 Holdings said on Wednesday it has acquired the online sportsbook and casino Spinbookie.com and raised GBP596,800 through a subscription of around 5 million shares at a price of 12 pence each.
The price represents a premium of 17% to yesterday's closing mid market price per share of 10.25p.
Shares in B90 were up 4.9% at 10.75p on Wednesday in London.
The Isle of Man-based sportsbook and casino product operator said it had acquired assets including the domain and business IP as well as 100% of the operations of Spinbookie from Entercreation Ltd.
The purchase will be satisfied by the issue of an initial 8.6 million new shares. Based on yesterday's closing mid market price per share the value of the consideration shares is GBP881,500.
B90 said that Spinbookie would operate in complementary markets to its existing operations and will expand the group's reach into South America.
The net proceeds of the subscription will help to facilitate the expansion of the group's operations and the launch of Spinbookie, B90 explained.
By Heather Rydings; [email protected]
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