i3 Interactive resumes trading and announces future initiatives
Mobile and online gaming company, i3 Interactive, has resumed trading following the completion of its annual information form.
The firm has requested that the Investment Industry Regulatory Organisation of Canada (IIROC) lift the halt to allow the company’s common shares to be reinstated on the Canadian Securities Exchange. The announcement follows a period of growth, which used its press release to detail two potential acquisitions to its shareholders.
The first of these is to acquire the remaining equity of Indian fantasy sports platform, Livepools. It is a firm in which previously purchased a 31% stake back in January 2021, through i3’s Redrush subsidiary. The company is currently pursuing a deal that would see Redrush increase its equity stake in Livepools to 51%, through a cash injection of $500,000.
“We are thrilled to have the opportunity to bring the Livepools entity more fully under our ownership and control, to focus on accelerating its growth and developing this business in our ecosystem of online gamers,” said Troy Grant, CEO and Director of i3 Interactive.
The company is also looking to strike a deal with the current owners of Livepool, which would mean the purchase of their equity shares. The cost of this option agreement is expected to be in the region of $3.25m, with an additional $700,000 cash required in order to exercise the option. Should this deal come to fruition, i3 will assume operational control of Livepools.
The company is also working on a separate deal to acquire a currently unnamed online gaming operator, with a well-established brand in the Indian gaming market. A non-binding letter of intent has been signed, with a further update expected in the upcoming weeks.
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