Newgioco Group, Inc. (OTCPK:NWGI) agreed to acquire Virtual Generation Limited from Luca Pasquini, Gabriele Peroni, Stefano Volo, Alessandro Bronzuoli and Giovanni Pasquinelli for approximately €4 million on January 17, 2019. Pursuant to the agreement, Newgioco has agreed pay a cash payment of €0.108 million and Newgioco’s common shares worth of €0.089 million. The contingent payment included in the form of €2.392 million in cash in 23 equal and consecutive monthly installments of €0.104 million with first such payment due and payable on the date that is one month after the closing date, €1.411 million in Newgioco’s common shares in seventeen equal and consecutive monthly installments of €0.083 million commencing on March 1, 2019. Earn-out also included €0.5 million of Newgioco’s common shares will be paid within one month from the end of the business year 2019. The deal is expected to get closed on January 31, 2019. Julian Doyle of Beard Winter Llp and Leslie Marlow of Gracin & Marlow, LLP acted as legal advisors to Newgioco Group.