Bally’s shuts down the deal of buying Snipp’s stakes
This leads to the fact that Snipp closes a private placement without the mediation of Bally’s branch and starts a trade agreement.
In accordance with the proposal, the company released 25 million ordinary shares of Bally’s subsidiary each valued at $0.20, with a combined gross revenue of 5 million dollars.
The income will be used to finance marketing and sales, as well as for multi purposes of working capital. The released securities’ expiration date is this year’s August 15. This proposal still needs to be accepted by TSX Venture Exchange.
The operator will have the right to appoint 1 director to Snipp’s board of directors, which is awaited to upgrade to five.
Upon the end, the group will have almost 9% of Snipp’s total shares. Also the group will be allowed first rejection all related to any offer to buy all, or mainly all of Snipp’s resources.
By the companies’ contract Bally’s will be the gaming partner of the Loyalty Platform. Lately this was brought alongside Gambit Rewards.
According to the trade agreement the company will get a 3 year permit for SnippLoyalty software and it will be realized with Bally’s resources.
Furthermore Snipp will authorize Bally’s stamps, a few of the free games for Gambit Rewards, Bally’s branding and Gambit’s ‘Play Token’ loyalty points as well.
Since shutting down, both sides are anticipated to begin the rebranding of Gambit Rewards.