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Blocplay Entertainment Inc.: Blocplay Signs Binding Letter of Intent to Acquire an Interest in a Major Movie Studio Licensed Mobile Game


Blocplay Entertainment Inc.: Blocplay Signs Binding Letter of Intent to Acquire an Interest in a Major Movie Studio Licensed Mobile Game
Blocplay Entertainment Inc. (CSE: PLAY)
(the
LOI ) dated April 12, 2021, with Ludare Games Group Inc. (
Ludare Games ) to acquire a forty percent (40%) interest of a mobile game project licensed with a major blockbuster movie franchise for release later this year (the
Acquisition ).
As consideration for the Acquisition, the Company will issue 1,670,000 common shares in the capital of the Company (each, a
Common Share ) to Ludare Games and make an investment in the amount of $300,000 into the project. The Common Shares shall be subject to contractual resale restrictions providing that the Common Shares may not be sold, transferred, optioned, encumbered, pledged or hypothecated in any way, except as follows: (i) as to 25% on the date which is four months from the date of issuance; (ii) 25% on the date which is eig ....

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