Mr. Spiro Khouri reports
TGS ESPORTS GRANTED PARTIAL REVOCATION ORDER; ANNOUNCES NEW ROUND OF STRATEGIC FINANCING
The British Columbia Securities Commission has granted TGS Esports Inc. a partial revocation order (PRO) in respect of the Nov. 3, 2022, cease trade order (CTO) in order for the company to complete a non-brokered private placement.
The Private Placement will consist of an issuance of up to 12,000,000 units of the Company (each, a “Unit”) at a price of $0.05 per Unit for aggregate gross proceeds of up to $600,000. Each Unit will be comprised of one (1) common share (each, a “Share”) and one non-transferrable common share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one (1) additional Share at a price of $0.10 per Share for a period of two (2) years from the date of issuance.
The purpose of the Private Placement is to provide the Company with sufficient funds to prepare and file all outstanding continuous disclosure documents necessary to apply for the full revocation of the CTO and the November 3, 2022 cease trade order issued by the Ontario Securities Commission (the “Ontario CTO”) and to continue its operations until such full revocations are received. The Company plans to use the remainder of the proceeds to settle outstanding accounts payable and salaries, pay for ongoing professional services, and as general working capital. Finder’s fees may be payable in connection with the Private Placement in accordance with the policies of the TSX Venture Exchange (the “Exchange”).
All securities issued in connection with the Private Placement will be subject to a statutory hold period expiring four (4) months and one (1) day after closing of the Private Placement. Completion of the Private Placement is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals and approval by the Exchange.
Spiro Khouri, CEO of the Company, stated “we would like to thank the BCSC for their patience and understanding as we navigated this process. We appreciate the approval and look forward to getting TGS caught up on all outstanding documents.”
About TGS Esports Inc.
TGS is a full-service marketing solutions provider that specializes in engaging video game and esports fans. TGS creates gaming strategies and marketing programs for brands that want to connect with diverse communities of gamers in any genre, anywhere they play. TGS works with an extensive network of influencers, creators, and gaming community organizations to create unique content for every digital and social media platform. TGS builds custom brand activations for live, in-person engagement, for long and short form video, and for live streaming events and tournaments. TGS has unmatched expertise in cultivating relationships and driving viewership among highly coveted and elusive young audiences.
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