The Canadian company announced the sale of its operating assets consisting of its software, gaming network and related intellectual property for an initial consideration of $10 million in cash and a promissory note for $120 million to be paid over the course of the next five and a half years.
Excapsa will also make an application to cancel its quotation on AIM and distribute the $47 million in cash currently held on the balance sheet plus the funds received from the sale of the trading business, less closure costs and contingencies, to the company\’s shareholders as soon as practicable.
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