GOLDEN MATRIX GROUP, INC. (OTCMKTS:GMGID) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
On December 22, 2020, Golden Matrix Group, Inc. (the “Company”, “GMGI”, “we” and “us”) entered into a Share Purchase Agreement (the “Share Purchase Agreement”) with Anthony Brian Goodman, the sole director and owner of Global Technology Group Pty Ltd, a company incorporated in Australia (“GTG”). Mr. Goodman is also the CEO of, and a member of the Board of Directors of, the Company and as such is a related party.
GTG (a non-operational company formed under the laws of Australia) holds a current Gaming License granted by the Alderney Gambling Control Commission (AGCC)(located in the Channel Islands). The license is one of the world’s most recognized gaming licenses and the acquisition of such license will allow the Company to conduct gaming business in certain jurisdictions in Europe. Such acquisition is also anticipated to help the Company streamline the acquisition of additional licenses in other jurisdictions, of which there can be no assurance.
Under the terms of the Share Purchase Agreement, Mr. Goodman agreed to sell 50% of the shares in GTG to the Company for a total of 85,000 GBP (approximately $113,000) to help the Company conduct certain business-to-business (B2B) gaming transactions and expand its operation into Europe. The consideration is simply to recoup Mr. Goodman’s setup costs.
The Share Purchase Agreement will only be of force and effect once the following conditions have been satisfied:
(a) The Company has paid Mr. Goodman 60% of the purchase price equivalent to 51,000 GBP (approximately $62,250);
(b) Mr. Goodman has transferred 50% of the shares in GTG to the Company.
The Share Purchase Agreement also requires Mr. Goodman to lodged a change of control with the Alderney Gambling Control Commission and provide necessary know-how and hand over assistance that will enable the Company to fully utilize the Gaming License.
The acquisition of GTG is anticipated to close on January 30, 2021.
The description of the Share Purchase Agreement above is not complete and is qualified in its entirety to the full text of the Share Purchase Agreement, a copy of which is filed as Exhibit 10.1 hereto, and is incorporated into this Item 1.01 by reference in its entity.
On December 28, 2020, the Company filed a press release disclosing the entry into the Share Purchase Agreement, a copy of which is attached as Exhibit 99.1 hereto.
Item 9.01 Financial Statements and Exhibits.
* Filed herewith.
Golden Matrix Group, Inc. Exhibit
EX-10.1 2 gmgi_ex101.htm SHARE PURCHASE AGREEMENT gmgi_ex101.htmEXHIBIT 10.1 SHARE PURCHASE AGREEMENT Golden Matrix Group Inc. And Global Technology Group Inc. This Purchase Agreement (this “Agreement”) is made as of the 22nd December 2020 by and between,…
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About GOLDEN MATRIX GROUP, INC. (OTCMKTS:GMGID)
Golden Matrix Group, Inc. (GMGI), formerly Source Gold Corp., is engaged in providing social gaming technology. The Company’s business is focused on software technology. The Company has built a social gaming casino under the brand name, Lucky Panda 888. The Company owns social gaming intellectual property (IP) and builds white labeled social gaming platforms. The social gaming IP includes tools for acquisition, retention and monetization of users. The Company’s platform is unparalleled in both desktop and mobile applications. Its user management is optimized to accommodate both free and cost to play state of the art games. The Company has launched its iPhone application with multiple social casino games. GMGI’s social gaming software supports multiple languages, including English and Chinese. The Company has a global presence with offices in Las Vegas Nevada and Sydney Australia.