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Nevada Iron Ltd jettisons resources for fantasy sports

Nevada Iron Ltd jettisons resources for fantasy sports

Nevada Iron Ltd (ASX:NVI) has joined the exodus from the resources sector, signing a deal to be in the fantasy sports app business with a Singaporean company SportsHero.

The eSports market was valued at US$463 million in 2016 and forecast to reach US$1.1 billion by 2019, with males making up a large demographic.

NVi will acquire 100% of vendor SPA by the issue of 70,000,000 pre consolidation Nevada shares and 70 million pre consolidation options under the heads of agreement.

SportsHero, which predicts game results of sports including soccer, tennis and cricket is the new incarnation of FootballHero, which has over 250,000 users who will migrate over to SportsHero.

Nevada will also issue 70 million options as part of the acquisition.

Nevada will be required to complete a minimum $2.5 million capital raising at $0.02 per share to comply with ASX relisting rules.

Nevada had earlier been focused on the development of the Buena Vista Iron Project located in northern Nevada, USA.

 

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