StockMarketWire.com - Online gambling group Gaming Realms said it had completed a sale of assets including Bear Group to River iGaming for £11.5m.

The company said it had received an initial cash sum of £7.35m, with a deferred consideration of £1.5m due on or before 31 December.

River had also assumed £2.65m of liabilities associated with Bear Group.

Sale proceeds would be used to repay the company's Barclays Bank overdraft facility, certain creditors, and costs relating to the transaction, which together totaled £3.1m.

'The board believes that the remaining £4.25m will fund the game development and licensing division until it is cash positive,' Gaming Realms said.

'The company also continues to review options for the sale or rationalisation of the social publishing division.'


At 1:30pm: [LON:GMR] Gaming Realms Plc share price was -0.35p at 5.43p



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