Elray Resources Inc. completed the acquisition of 25% stake in Portspot Consultants, Ltd from Universal Development Enterprises NV.
June 30, 2015 at 12:00 am EDT
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Elray Resources Inc. (OTCPK:ELRA) signed an agreement to acquire 25% stake in Portspot Consultants, Ltd from Universal Development Enterprises NV on September 18, 2014. In consideration, Elray Resources will issue 5 million Preferred Series C stock with a 24 month restriction on conversion. Upon Golden Galaxy achieving revenues of at least $0.1 million within the first 6 months of operation, Elray will issue additional 3 million Series C preferred shares. Under the terms of agreement, Elray Resources will initially acquire a 25% stake in the operating Casino with options to acquire additional percentages based on Golden Galaxy achieving profit milestones. Portspot Consultants, Ltd has reported sales of $6.9 million for year ending on August 31, 2014.
On February 22, 2015, Elray received the certificate for the 25% interest in Golden Galaxy and issued 5 million shares of Elray's Series C preferred stock. The closing of the transaction to acquire Golden Galaxy's 25% interest is dependent upon the result of the Company's due diligence procedures that is expected to be finished within year 2015.
Elray Resources Inc. (OTCPK:ELRA) completed the acquisition of 25% stake in Portspot Consultants, Ltd from Universal Development Enterprises NV in June, 2015.
Elray Resources, Inc. provides turnkey solution for various online e-commerce companies as well as performs strategic marketing and consulting services for companies from all parts of the world. It provides marketing and support for online gaming operations. It is a developer, licensor, and operator of Crypto iGaming Solutions. The Company has developed a highly modular, configurable and scalable Crypto iGaming platform. Its Crypto iGaming solution is comprised of the technology, tools and features that are required to operate and maintain an iGaming operation. Its Crypto iGaming solution has over 30 content providers, presenting players with the latest crypto games, slots, tables, live, sportsbook and competition products. It owns Blockchain/Crypto gaming technology and provides online crypto casinos and crypto gaming technology to online crypto casino operators.