Pioneer Media Holdings Inc. announced a deal to buy Canada’s NGMI Labs Inc. in a move that will advance the company's investments in web3 and businesses in the NFT, NFT gaming and tokenised community sectors.
The two companies have signed a non-binding letter of intent, under which Pioneer Media will buy 100% of NGMI for a consideration of 4mln Pioneer shares.
NGMI was founded by Jess Sloss, Gregg Peacock and Matthew Shaw. Following the acquisition, they will continue to provide their services and expertise to Pioneer and NGMI.
Shaw will be appointed to Pioneer's board of directors. He is active in the crypto and blockchain investment area, having founded DeFi Yield Technologies, cryptocurrency asset management firm Protos Asset Management and Blimp Technologies, a proptech company incorporating a crypto rewards ecosystem.
Shaw is also a director of Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP).
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