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eBet pays A$3M for sports betting company

By Phil Boeyen, ShareChat Business News Editor

Friday 22nd September 2000

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Internet betting company eBet has reached agreement to acquire sports betting company City Index Australia.

The company, which is based in ACT, is licensed to offer fixed-odds and spread betting via the phone, internet and on-course at the Canberra racecourse.

The A$3 million purchase price will be paid by issuing A$2.5 million eBet shares and a convertible note for the balance. 80% of the eBet shares issued will be subject to escrow and will be restricted for a period of 12 months from completion of the acquisition.

Trading in the company's shares had been halted on Thursday pending the announcement of the acquisition. eBet shares were trading up 3 cents at A27 cents on Friday afternoon.

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