China’s To Invest USD3 Million In Canadian VR Gaming Company

By Editor
March 18, 2016

Chinese browser and mobile game developer and publisher announced that its controlling subsidiary G-Mei Network will invest USD3.167 million to acquire a 10% stake in Archiact, a virtual reality gaming content provider in Canada.

G-Mei Network will use its own capital to subscribe 6,846,539 ordinary shares of Archiact, accounting for a 10% stake in Archiact after the completion of the investment. After the investment, G-Mei Network will assign one director to participate in the operation and management of Archiact.

This investment does not constitute a major asset restructuring. Therefore, it does not require approval of related authorities. At the same time, this transaction does not constitute a related party transaction; so the investment amount does not require approval of the board of directors.

Founded in 2013, Archiact has formed a research and development team of over 40 people. They developed many VR games, including Lamper VR: First Flight, Lamper VR: Firefly Rescue, and WaddleHome. In addition, the company signed contracts to exclusively publish more than a dozen games in China or Asia Pacific.

Prior to the investment, Archiact was valued at USD28.5 million.

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