Merger Agreement

9 Months Ended

Jan. 31, 2019

Merger Agreement [Abstract]

Merger Agreement

Note 14.   Merger Agreement

On September 18, 2018, the Company announced the signing of a merger agreement with Maverick Casinos, LLC (“Maverick”). Under the terms of the merger agreement, Maverick will acquire all of the outstanding shares of the Company’s common stock for $2.50 per share in cash, with merger consideration automatically increasing $0.01 per share for each full month beyond February 1, 2019. The transaction will result in the Company becoming a private company.

The transaction was approved by a majority of the shareholders of Nevada Gold at our special shareholders’ meeting on February 22, 2019 but is still subject to the approval of applicable gaming authorities. The transaction is not subject to a financing condition. The companies are contemplating extending the merger closing deadline past the initial April 15, 2019 deadline, if necessary, for an additional 90 days. The companies expect the transaction to close in the second calendar quarter of 2019.