06:17 AM EDT, 07/22/2024 (MT Newswires) -- ESE Entertainment ( ENTEF ) over the weekend said it has completed the sale of its remaining 30% stake in 9327-7358 Quebec, doing business as GameAddik, to BlackPines Capital Partners affiliate BPV Games.

ESE received $4.0 million in cash at deal closing.

The company sold a 70% interest in GameAddik in August 2023. The 30% stake sale concludes ESE's disposal of GameAddik for an enterprise value of $13 million.

"This exit has generated substantial value for ESE shareholders by enabling us to inject non-dilutive capital into ESE," CEO Konrad Wasiela said. "As a result, ESE is now strategically positioned for the next phase of growth."

The transaction remains subject to final approv by the TSX Venture Exchange.