2 Feb 2022 10:25
2 February 2022
Pires Investments plc
("Pires" or the "Company")
Low6 announces Agreement for RTO of 735 BC
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."
Enquiries:
Pires Investments plc Nicholas Lee, Director
| Tel: +44 (0) 20 3368 8961
|
Joint Broker Peterhouse Capital Limited Duncan Vasey/Lucy Williams
| Tel: +44 (0) 20 7469 0935 Tel: +44 (0) 20 7469 0936 |
Joint Broker Tennyson Securities Peter Krens
| Tel: +44 (0) 20 3167 7221 |
Financial media and PR Yellow Jersey Sarah Hollins Henry Wilkinson Annabelle Wills | Tel: +44 (0) 20 3004 9512
|
Notes to Editors
About Pires Investments plc
Pires Investments plc (AIM: PIRI) is an investment company providing investors with access to a portfolio of next generation technology businesses with significant growth potential.
The Company is building an investment portfolio of high-tech businesses across areas such as Artificial Intelligence, Internet of Things, Cyber Security, Machine Learning, Immersive Technologies and Big Data, which the Board believes demonstrate evidence of traction and the potential for exponential growth, due to increasing global demand for development in these sectors.
For further information, visit: https://piresinvestments.com/
About Low6
Low6 is a leader in sports gaming technology that powers franchises with their own branded gaming experiences to engage and monetize their digital fanbases. For the fans, by the fans - Low6 inspires innovative and creative solutions that redefines future sports mobile gamification.
For further information, visit: https://www.low6.com
About 735 BC
735 is a British Columbia corporation that is a reporting issuer under the securities laws of Alberta and British Columbia. 735 BC has no material assets and does not conduct any operations or active business, other than the identification and evaluation of acquisition opportunities to permit the company to acquire a business or assets in order to conduct commercial operations.
This communication is a "Reach" announcement. Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained in this announcement is of a non-regulatory nature. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on RNS Reach.