Brave Bison Group plc (AIM:BBSN) entered into the agreement to acquire Social Chain Ltd on February 3, 2023. The initial consideration for the Acquisition consists of a payment of £7.7 million. Social Chain is expected to generate revenues of £13.8 million and an adjusted EBITDA loss of £0.1 million in the year ending 31 December 2022. Brave Bison Social & Influencer and Social Chain will merge, with Social Chain CEO Pete Metcalfe taking responsibility for the enlarged social media advertising practice. Brave Bison will finance the Initial Consideration from the Company's existing cash resources and bank facilities, and through the Vendor Placing of 206,521,739 new ordinary shares at a price of 2.3 pence per Placing Share. An additional contingent consideration of up to £9.5 million is payable over three years following completion of the Acquisition. The amount payable under the Contingent Consideration is calculated on stretch performance targets based on EBITDA. The Contingent Consideration is expected to be satisfied from the operating cashflows of Social Chain post-acquisition. Nicholas Wells and Charlie Combe of Cenkos Securities plc (AIM:CNKS) acted as financial advisor to Brave Bison Group plc (AIM:BBSN). Completion of the Acquisition Agreement will take effect on Admission. CMS von Erlach Partners acted as legal advisor to Brave Bison Group plc (AIM:BBSN) in the transaction.

Brave Bison Group plc (AIM:BBSN) completed the acquisition of Social Chain Ltd on February 28, 2023.