STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2018

Apr 15, 2018

Updated Proforma Statement of Financial Position

The following is an updated statement of financial position for Emerge Gaming Limited (formerly Arrowhead Resources Limited) (ACN 004 766 376) (Company) based on actual funds raised ($5,000,000) under the prospectus issued by the Company dated 8 January 2018 and supplementary prospectus dated 12 February 2018:

	Arrowhead	Gaming Battle
	Resources Ltd	Ground Pty Ltd		Emerge Gaming Ltd
	Reviewed	Audited
	Half year ended	Half year ended	Pro forma	Pro forma post
	31-12-2017	31-12-2017	adjustments	capital raise
Current assets
Cash and cash equivalents	76,462	18,727	4,410,000	4,505,189
Other Receivables	29,947	31,525	-	61,472
Other assets	69,983	-	-	69,983
Total current assets	176,392	50,252	4,410,000	4,636,644
Non-current assets
Property, plant and equipment	-	-	-	-
Intangible assets	-	-	5,845,922	5,845,922
Loans receivable	-	-	-	-
Total non-current assets	-	-	5,845,922	5,845,922
Total assets	176,392	50,252	10,255,922	10,482,566
Current liabilities
Payables	166,779	123,272	-	290,051
Provisions	5,935	-	-	5,935
Borrowings		105,498	-	105,498
Other payables	69,983	6,000	-	75,983
Total current liabilities	242,697	234,770	-	477,467
Total liabilities	242,697	234,770	-	477,467
Net assets / (liabilities)	(66,305)	(184,518)	10,255,922	10,005,099
Equity
Share capital	51,795,414	260,000	7,340,325	59,395,739
Reserves	5,105	-	2,094,283	2,099,388
Accumulated losses	(51,866,824)	(444,518)	821,314	(51,490,028)
Total equity	(66,305)	(184,518)	10,255,922	10,005,099

Pro forma adjustments include:

• The issue of the IPO shares pursuant to the Prospectus of $5,000,000

• Share issue costs of $590,000

• Reduction of capital and in-specie distribution of Tantalum International Ltd shares to shareholders

• The issue of the 184,500,000 shares to the vendors of GBG (valued at $3,690,000)

• The issue of the 184,500,000 options to the vendors of GBG (valued at $1,971,404)

• The issue of the 11,500,000 shares to corporate advisors (valued at $230,000)

• The issue of the 11,500,000 options to corporate advisors (valued at $122,879)

• The issue of the 5,000,000 shares to Directors of AR1 (valued at $100,000)

• The recognition of an intangible asset with respect to the acquisition of the GBG business.