TIL Gaming, LLC offered an unsolicited non-binding proposal to acquire Evergreen Gaming Corporation (TSXV:TNA) for $74.9 million on November 23, 2022. Under the terms of proposal, TIL will acquire Evergreen at a price of $0.605 per share, subject to adjustments. $0.394361 per share of the purchase price will be payable in cash, with the balance satisfied by the issuance of a non-interest-bearing promissory note that will be immediately repaid in full by TIL in cash on the closing date.

TIL proposal contains purchase price adjustment provisions that would reduce the total consideration payable to Evergreen shareholders if Evergreen's cash balances at closing are below a certain threshold (such threshold being $23 million). Evergreen Board of Directors determined that the offer constitutes a “Superior Proposal”. The transaction is subject to approval by Washington State gaming authorities.

The outside date for closing of the transaction is February 28, 2023.