Esports igaming group Intema Solutions has announced plans to rebrand as React Gaming Group following its acquisition of Loot.Bet owner Livestream Gaming.
Intema said the name change, which will come into effect on or around 11 April, reflects its activities across the esports and igaming sectors.
The group’s common shares will trade under the new name on the TSX Venture Exchange, along with a new ‘RGG’ trading symbol around the same time that the rebrands comes into effect. Intema added that there will be no consolidation or change in the share capital.
The announcement comes after Intema in February completed its acquisition of Livestream Gaming, owner of the Loot.Bet server-based real-money gaming platform and esports betting brand.
In relation to this, Intema has now published the final exchange bulletin announcing the closing of the transaction, meaning that its funds and common shares previously held in escrow will be released to Intema and Livestream as applicable.
Upon completing the acquisition, Intema said the consideration payable would be held in escrow pending the posting of a filing statement on Canada’s SEDAR and issuance of the Toronto Stock Exchange Venture Exchange bulletin about the deal.
Intema said the acquisition would trigger an automatic exercise of subscription receipts into common shares and warrants of Intema.
Also in connection with the acquisition, Intema released further information in regards to Livestream’s financial results, after the Loot.Bet owner prepared its IFRS statement of financial position and income statement and other comprehensive income.
The updated financial statements for Livestream now show a net loss for 2021 of €416,940 (£348,377/$457,179), as opposed to the previously expected net loss of €173,818.
“We can now build on the momentum of our Loot.Bet online betting platform to market it to its full potential,” Intema chief executive Laurent Benezra said. “With the help of our emerging ecosystem, our Isle of Man licence and our strategy to expand into new markets, Loot.Bet has the potential to grow significantly more.”
