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Golden Matrix Group Inc. Announces Additional Amendment to Earnout Structure of Share Purchase Agreement With Subsidiary Meridianbet
LAS VEGAS, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Golden Matrix Group Inc. (NASDAQ:GMGI) ("GMGI" or "the Company") announces that on 1st October 2024, the Company passed its fifth amendment to the initial share purchase agreement (the "Share Purchase Agreement") with Meridianbet in connection with the Company's previous acquisition of Meridianbet earlier this year.
Under the current Purchase Agreement, Golden Matrix is obligated to pay Aleksandar Milovanović, Zoran Milošević and Snežana Božović (the "Sellers") additional sums of cash and Golden Matrix Common Stock within five business days following October 9, 2024.
As of 1st October 1, 2024, the Share Purchase Agreement was amended to reflect that the cash component shall be paid to each of the Sellers as follows:
• Milovanović – 40% of the total post-closing cash consideration due to Milovanović shall be satisfied in shares of Golden Matrix Common Stock and the remaining contingent post-closing cash consideration shall be deferred until at least November 9, 2024.
• Milošević – 40% of the total post-closing cash consideration due to Milosevic shall be satisfied in shares of Golden Matrix Common Stock and the remaining contingent post-closing cash consideration shall be payable at the rate of USD$50,000 per month, on each of October 1, 2024, November 1, 2024 and December 1, 2024.
• Božović – 20% of the total of the post-closing cash consideration due to Božović shall be satisfied in shares of Golden Matrix Common Stock and the remaining contingent post-closing cash consideration shall be payable at the rate of USD$50,000 per month, on each of October 1, 2024 and November 1, 2024.
Under the current Purchase Agreement, Golden Matrix is obligated to pay Aleksandar Milovanović, Zoran Milošević and Snežana Božović (the "Sellers") additional sums of cash and Golden Matrix Common Stock within five business days following October 9, 2024.
As of 1st October 1, 2024, the Share Purchase Agreement was amended to reflect that the cash component shall be paid to each of the Sellers as follows:
• Milovanović – 40% of the total post-closing cash consideration due to Milovanović shall be satisfied in shares of Golden Matrix Common Stock and the remaining contingent post-closing cash consideration shall be deferred until at least November 9, 2024.
• Milošević – 40% of the total post-closing cash consideration due to Milosevic shall be satisfied in shares of Golden Matrix Common Stock and the remaining contingent post-closing cash consideration shall be payable at the rate of USD$50,000 per month, on each of October 1, 2024, November 1, 2024 and December 1, 2024.
• Božović – 20% of the total of the post-closing cash consideration due to Božović shall be satisfied in shares of Golden Matrix Common Stock and the remaining contingent post-closing cash consideration shall be payable at the rate of USD$50,000 per month, on each of October 1, 2024 and November 1, 2024.
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