Yappn completes US$17 million acquisition of Ortsbo intellectual property assets from Intertainment Media

1 minute read
14 September 2015

On September 14, 2015, Intertainment Media Inc. (TSXV: INT) (OTC Pink: ITMTF) (FSE: I4T) completed the previously announced disposition of the intellectual property assets of its subsidiary, Ortsbo Inc., to Yappn Corp. (OTCQB: YPPN), for a total purchase price of approximately US$17 million.

As consideration for the assets, Yappn (i) issued 260,000,000 common shares in its capital ("Yappn Shares") at a deemed price of US$0.05 per Yappn Share to Intertainment; (ii) assumed and settled US$3 million of outstanding Ortsbo debt through the issuance 59,870,000 Yappn Shares; and (iii) assumed and settled US$500,000 of outstanding debt of each of Intertainment and Ortsbo through the issuance of Yappn debentures.

The firm advised Yappn in this acquisition with a team that included Peter Simeon and David Campbell.

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