Advanced Interactive Gaming Ltd. entered into a letter of intent to acquire Vela Minerals Ltd. (TSXV:VLA) in a reverse merger transaction on July 20, 2017. Under the transaction, Vela Minerals will issue common voting shares and preferred voting shares in exchange for all of the shares of Advanced Interactive Gaming. Advanced Interactive Gaming may conduct an equity financing of up to $5 million by way of a private placement placement, which will be completed concurrently with the completion of the reverse merger. After the completion of acquisition, Advanced Interactive Gaming shareholders will own approximately 95% of the outstanding Vela shares on as as-converted basis. The transaction is expected to be accounted as a reverse takeover. Following completion of the transaction, Vela core business would become the business of Advanced Interactive Gaming and Vela will continue doing business as “Advanced Interactive Gaming” and undergo a name change in the future. The transaction is subject to entering into a definitive agreement to merge prior to July 31, 2017, completion of due diligence, obtaining the necessary shareholder approvals of the Advanced Interactive Gaming shareholders, acceptance of the transaction by the TSX Venture Exchange, as well as approvals of other applicable regulatory authorities and other closing conditions. The transaction is expected to close by the end of September, 2017.

Advanced Interactive Gaming Ltd. cancelled the acquisition of Vela Minerals Ltd. (TSXV:VLA) in a reverse merger transaction on January 4, 2018.