Pires Investments plc (AIM: PIRI), the investment company focused on next-generation technology, is pleased to provide an update on its investment in Low6 Limited (“Low6”), the company that has developed a next-generation sports betting platform.
Low6 has announced that it has entered into a binding letter agreement (the “Agreement”) with 1319735 B.C. Ltd. (“735 BC”). The Agreement sets forth, in general terms, the basic terms and conditions upon which Low6 and 735 BC will combine business operations resulting in a reverse takeover (the “RTO”) of 735 BC by Low6 and its shareholders.
Pursuant to the terms of the Agreement, it is intended that Low6 and 735 BC will enter into a business combination by way of an arrangement, amalgamation, share exchange or other similar structure (the “Transaction”) which will result in Low6 becoming a wholly owned subsidiary of 735 BC or otherwise combining its corporate existence with that of 735 BC. The issuer resulting from the Transaction (the “Resulting Issuer”) will carry on the current business of Low6.
Prior to the completion of the Transaction, the parties will complete a private placement (the “Concurrent Financing”). Low6 and 735 BC intend to apply to list the common shares of the Resulting Issuer on the TSX Venture Exchange (the “TSXV”). There can be no assurance that the common shares of the Resulting Issuer will begin trading as contemplated, or at all, and neither Low6 nor 735 BC make any representations that trading will occur.
Completion of the Transaction and the Concurrent Financing is subject to a number of conditions, including but not limited to, receiving all required shareholder, regulatory, and other approvals. There can be no assurance that the Transaction or the Concurrent Financing will be completed as proposed or at all.
Nicholas Lee, Director of Pires, commented:
” We are pleased to note the announcement made by Low6 regarding its entry into a Binding Letter Agreement with 735 BC. This development makes significant sense given the company’s continued growth and focus on North America.
Along with this Low6 development and last week’s announcements regarding Pluto Digital and Smarttech247, a number of Pires’ investments now have clear paths to listings in the short term.”
Pires Investments plc
Nicholas Lee, Director
Tel: +44 (0) 20 3368 8961
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