Update on Waterhouse Agreement
Sydney, April 2, 2020 AEST (ABN Newswire) - Further to the announcement released on 28 January 2020 ("Previous Announcement"), the Board of BetMakers Technology Group Limited (
ASX:BET) (T07:FRA) advises that, following consultation with the ASX and Waterhouse VC1, the Company and its wholly owned subsidiary, BetMakers DNA Pty Ltd ("BDnA"), have entered into a deed of variation to vary the terms of the performance rights ("Performance Rights") to be issued to Waterhouse VC which will convert into options over ordinary shares in BetMakers ("Options").
The full revised terms of the Performance Rights and Options are set out in the annexure to this announcement. The material variations to the terms of the Performance Rights include:
- the Performance Rights will cover the MTS Agreement and App Agreement (each defined in the Previous Announcement) from the day after BET obtains shareholder approval for the issue of the Performance Rights until 31 December 2022;
- each Performance Right will be convertible into Options subject to the aggregate audited revenue generated under the App Agreement and the MTS Agreement (each defined in the Previous Announcement) ("Aggregate Revenue") over the relevant Vesting Period being at least $100,000 ("Minimum Revenue Threshold");
- after the expiry of a Vesting Period, BET will have the Aggregate Revenue audited to confirm the number of Options to be issued on conversion of the relevant Performance Right; and
- the maximum number of Options which may be issued to Waterhouse VC, in aggregate, on conversion of all Performance Rights is 94,741,686 Options (subject to any reorganisation of the issued share capital in BetMakers).
The App Agreement and the MTS Agreement remain conditional on shareholders approving the issue of the Performance Rights. An Appendix 3B will be released to the market today.
About Betmakers Technology Group Ltd
Betmakers Technology Group Ltd (ASX:BET) (OTCMKTS:TPBTF) 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.
| ||
|
