Mission will undertake a capital raising of new shares to raise at least $US40 million. The US filings show PlayUp could be valued at as much as $US120 million as a result of the deal.
Mission is yet to make an announcement to the ASX about the plans. A spokesman for the company said Mission had lodged disclosures to the ASX.
"Despite our lobbying and legal efforts, the ASX has for unknown reason deemed the release unfit and as such blocked their release," the spokesman said.
The deal is also dependent on PlayUp completing its initial coin offering of the PlayChip.
Under its old model, advertisers funded PlayUp’s fantasy games and prize money was given in the form of gift cards or virtual Visa/Mastercard platform.
After the inital coin offering, players will be able to play and earn rewards in the PlayChip cryptocurrency. The change will allow players in different countries to play using the same currency. end
Sydney entrepreneur Daniel Simic resurrected the PlayUp brand after the original owner of the business Revo collapsed into liquidation in 2016. Mr Simic was not involved with Revo ahead of its collapse.
Mr Simic said in the US company filings that following the integration of blockchain and the dual listing PlayUp will become the globally dominant player in fantasy sports.
“The network effects of successful crypto currencies are astounding and by introducing the PlayChip, we envisage significant user growth as we address the demands of a growing and key market segment of the global online gaming community.”
The collapse of Revo, which was chaired by former NSW premier Nick Greiner up until early 2015, caused a sensation when it was revealed its long list of high profile investors including Mr Turnbull's family, were facing paper losses of $100 million.
Those investors included billionaire Bruce Mathieson, former Telstra chairman Bob Mansfield as well as famed Queens Counsel Allan Myers and rich listers Richard Smith and John Higgins. Cricketers Steve Waugh and Adam Gilchrist were also creditors to the collapsed owner of PlayUp.
Draftstars was founded by gaming entrepreneur Matt Tripp and the James Packer backed CrownBet in April 2015 with Seven West Media, Fox Sports and the AFL becoming shareholders in the venture. It has 100,000 active users.
