React Gaming signs agreement to settle remaining obligations for Loot.bet acquisition
Both companies agreed to a $200,000 cash payment for the $4m vendor take back note.
React Gaming Group has signed a debt settlement and release agreement that will “settle the debts and obligations outstanding in connection with the previously announced acquisition of Livestream Gaming.”
Livestream Gaming is the parent company of Loot.bet.
The purchase deal will allow the company to issue a $4m take-back note at an interest rate of 12%. Both groups agreed to settle all outstanding financial obligations pertaining to the note under the share purchase agreement. Under the terms of the deal, a payment for the sale of assets will total $200,000 and is to be paid no later than April 9, 2023.
React Gaming CEO Leigh Hughes described the agreement as an important step for the company and said this will pave the way for future group expansion.
Hughes commented: “This transaction is an important milestone for React Gaming, as it will eliminate all remaining obligations in regard to the Loot.bet acquisition and improve our balance sheet.
“It will also enable us to fully benefit from our new B2B market initiatives, namely with HHRP in the Philippines and any future developments planned for this promising asset.”
React Gaming Group recently signed an agreement to partner with HHR Philippines, Inc. (HHRPh), which will allow HHRPh to have access to exclusive rights to Loot.bet software. HHRPh and React Gaming will work in tandem for an upcoming launch via the cloud-based software.
Both companies anticipate a launch by April 1, 2023, which will give players in the Philippines access to new skin options for online games on Loot.Bet. HHRPh currently holds one of four gaming licenses in the Philippines.
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