09:15 AM EST - Enthusiast Gaming Holdings Inc. : Announced it has closed the previously-announced acquisition of Vedatis SAS, which owns Icy Veins (www.icy-veins.com) for €7,000,000 million in cash and stock, plus an Earn-out subject to certain conditions described below. Upon closing of the Acquisition, the Company made a cash payment of €3,500,000 and issued 226,563 common shares in the capital of the Company for an aggregate value of €5,000,000. At the option of the Company, €750,000 of the €2,000,000 balance of the Purchase Price, which is payable on the first anniversary of the closing date, may be settled by way of issuing additional Common Shares. The Common Shares are subject to a contractual lock-up with 33.33% released six (6) months following the closing date, 33.33% released twelve months following the closing date, and 33.33% released eighteen (18) months following the closing date. In addition, the vendors are eligible to an Earn-out payment, subject to certain conditions, equal to the sum of EBITDA of the purchased business (excluding new business generated by the Company), for the four best consecutive calendar quarterly periods within the sixteen consecutive calendar quarterly periods immediately following the closing date. Enthusiast Gaming Holdings Inc.
shares T.EGLX are trading unchanged at $9.92.
