£500k London NFT gaming studio acquired by international media company
Canada headquartered Pioneer Media Holdings Inc. announced it has completed its acquisition of London based NFT (or non-fungible token) gaming developer and publisher Kodoku Studios Limited.
Kodoku’s current focus is “The Pit,” a platform for gamers to stake their NFTs, which also allows gamers to attempt to increase the inherent value of their NFTs through “NFT warfare” in a “player vs. player” (PVP) gaming arena, anticipated to launch December 3, 2021.
Hewie Rattray, CEO of Kokoku commented, “I am positively thrilled by the acquisition of Kodoku by Pioneer. We relish the opportunity to exercise our vision in the NFT gaming market under the guidance of such an innovative company.
“We eagerly anticipate unifying with the Pioneer trajectory as we push the frontiers of the metaverse to new limits.”
In consideration of all of the securities of Kodoku, the Company paid cash consideration of $850k CAD (approximately £500k), which amount will be subject to “holdback” conditions until January 31, 2022.
Additionally, the Company will issue 8,000,000 common shares, which will be subject to a 24 month escrow period, with scheduled releases in 25 per cent installments every six months commencing June 1, 2022, in addition to any other resale restrictions or escrow requirements under applicable laws or CSE policies.
Application will be made for 8,000,000 common shares to be admitted to trading on Aquis Stock Exchange and such admission is expected to occur at 8:00am on or around December 7 2021.
Following the issuance of the above-mentioned common shares, the company’s issued share capital will comprise 64,640,365 common shares without par value, with each share carrying the right to one vote.
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