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INTERNET GAMBLING OPERATOR IN MERGER
27th February, 2011 at 01:07:28
Brian Goodman involved in reverse merger
Australian online gambling operator Brian Goodman is involved in a reverse merger which took place this week between Splitrock Ventures Limited and the New York-based Elray Resources Inc.
Elray informed the stock exchange that it had acquired 100% of the issued and outstanding shares of Splitrock Ventures, Ltd., an online gaming company.
In the acquisition agreement, Goodman acquired a total of 600,000,000 shares of the company's common stock. As a result, the company experienced a change in control under which 91.3% of the shares of the company are now held by Goodman.
The new company would have around 650 million shares issued outstanding, but the public float would remain at around 25 million or so, Elray announced.
Splitrock Ventures Limited is engaged in the online casino gambling business, including the operation of the Sierra Casino.com, Knuts Poker.com and Lucky Lucy Bingo.com sites.
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