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Celsius Coal to acquire Favourit Global

Wednesday November 4,2015 : CELSIUS COAL AND FAVOURIT SIGN ACQUISITION AGREEMENT

Mining firm to rebrand as Favourit Limited.

Australian stock exchange-listed resource mining developer Celsius Coal Ltd has signed a heads of agreement (HOA) for the acquisition of Favourit Global Pty Ltd, saying Favourit’s social sports betting platform demonstrates potential for strong growth.

The unusual departure from the original nature of its business will require Celsius embark on a re-compliance process regarding the ASX’s admission requirements.

Celsius Coal will ultimately issue Favourit shareholders 57 million fully paid ordinary shares in Celsius at a deemed price of A$0.20 as consideration for the acquisition.

On completion of the deal, Celsius will change its name to Favourit Limited and undergo a Board change.

Current Favourit chief executive officer Gary Harris will be named Chairman of the Board while co-founder and former chief executive officer Toby Simmons, director Richard Kuo and non-executive director Dennis Verrios will serve as directors.

InfoPowa readers will recall Gary Harris being appointed chief executive officer by the social sports betting group early in September (see previous InfoPowa reports). Harris previously served as IT director and a board member for Sportingbet Australia Group between 2004 and 2013 where he was responsible for technology development and operations, growing online turnover from A$10 million to over A$2.4 billion.

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Gambling News :

Leap Gaming Partners With Pala Interactive - Israeli-based developer Leap Gaming has clinched its second deal in a week, this with Pala Interactive for the integration of its virtual sports turnkey product to Palaís white-label social gaming platform.

Sportech Racing Partners With Macau Jockey Club - Sportech Racing and Digital has partnered Macau Jockey Club (MJC) for the provision of a white-label digital pari-mutuel betting platform and other retail solutions.

Bla Bla Bla Studios - Under the terms of the deal Bla Bla Bla Studios will develop and distribute exclusive gaming content for integration into the Quickfire platform.

Betser Powered By SBTech - #Betser is inspired by fantasy football, private betting leagues and social betting. The offer includes a twin-track loyalty scheme devised by Malta-based Hero Gaming, who operate Casino Heroes.

EveryMatrix has appointed Glen Bullen as Sales Manager - Bullen assumes responsibility for the entire casino sales operation, particularly focusing on growing distribution of the newly-updated and expanded CasinoEngine platform into Tier One operators.

Freemasons Fortune Slot Launches - Booming Games has launched Freemasons Fortune, a new 3-reel, nine-payline game inspired by the enigmatic Freemasons fraternal order.

Hollywood Classic Slots launches - Penn Interactive has launched Hollywood Classic Slots, a social casino game developed in collaboration with its recently acquired social gaming company Rocket Games.

Pagcor relents on 20 venues - In an announcement to the local stock exchange Monday, the company revealed that 20 of its 36 e-bingo revocations have been lifted, enabling operations to continue.

Kama Games Selects Unity - #Unity The Ireland-based Kama Games mobile social games developer has announced its commitment to using the Unity games creation platform, having completed the conversion of the last of its titles from iOS and Android native apps to Unity 5.

Novomatic Slot Competition - #Novomatic The Americas division of online and land gambling games and equipment supplier Novomatic is briefing delegates to the G2E show in Las Vegas on its new slot concept, which gives players an opportunity to win prizes on national television.

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