BRIEF-Stratton Capital enters agreement with Pro Gaming League for reverse takeover

Mon May 16, 2016 9:29am EDT
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May 16 (Reuters) - Stratton Capital Corp

* Stratton capital corp enters into a definitive securities purchase agreement with Pro Gaming League Inc for reverse takeover

* Transaction is not a non-arm's length transaction, so stratton is not required to obtain shareholder approval for transaction

* Prior to completion of transaction tratton, co must complete consolidation of outstanding stratton shares on a 4-for-1 basis

* Says will acquire all of securities of PGL on a 1-for-1 basis, including shares issued upon cashless exercise of PGL warrant

* Stratton Capital Corp says offering will be comprised of up to 40 million common shares of pro gaming league to be issued at a price of $0.10 per share

* Upon completion of transaction, current officers and directors of stratton will resign

* Upon closing, current officers, directors of co to be replaced by Alex Igelman,Chad Larsson,David Fawcett,Seth Schorr,Ronald Spoehel

* Alex Igelman will be appointed as chief executive officer, Chad Larsson will be president Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)