Contagious still working on IMBiotechnologies RTO

Executive Summary

• Contagious Gaming Inc. provides an update on its proposed reverse‑takeover transaction with IMBiotechnologies Ltd., originally announced on July 17, 2024.
• Both parties remain in negotiations, conducting due‑diligence and working with advisers to determine the optimal legal structure; a definitive agreement has not yet been executed.
• Trading of Contagious Gaming’s common shares remains halted on the TSX Venture Exchange pending completion of the transaction and related regulatory approvals.

Key Details

• The parties entered into a non‑binding Letter of Intent for a reverse takeover; no definitive agreement is in place.
• Ongoing activities include:
• Negotiation and execution of a definitive agreement.
• Completion of satisfactory due diligence by both Contagious Gaming and IMBiotechnologies.
• Evaluation of a concurrent financing by IMBiotechnologies, with proceeds intended for commercialization activities and general corporate purposes.
• Transaction is subject to customary closing conditions:
• Execution of definitive agreement.
• Satisfactory due‑diligence outcomes.
• Completion of any required financing.
• Receipt of all necessary shareholder and regulatory approvals.
• Satisfaction of other standard closing conditions.
• Trading Halt: Shares remain halted on the TSX Venture Exchange in accordance with exchange policies; trading will resume only after the exchange determines that conditions are met.
• The company commits to provide further updates as material developments occur.

Notable Quotes

(No direct quotes were included in the release.)