Mr. Spiro Khouri reports
TGS ANNOUNCES $1 MILLION STRATEGIC FINANCING
TGS Esports Inc. has arranged a non-brokered private placement consisting of the issuance of up to 5,555,555 units at a price of 18 cents per unit for aggregate gross proceeds of $1-million. Each unit consists of one common share and one non-transferable common share purchase warrant. Each warrant will entitle the holder thereof to acquire one share at a price of 25 cents per warrant share for a period of two years from closing of the offering, subject to acceleration in the event that the shares trade at or above 40 cents for 10 consecutive trading days.
The proceeds from the offering are expected to be used for general working capital. Insiders of the company are leading participation in the offering. Finders' fees may be payable in connection with the offering in accordance with the policies of the TSX Venture Exchange.
All securities issued in connection with the offering will be subject to a statutory hold period expiring four months and one day after closing of the offering. Completion of the offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the exchange.
About TGS Esports Inc.
TGS Esports is an organization focused on creating the ultimate e-sports experience. TGS is made up of industry professionals with 20 plus combined years in the space of tournament organization, league facilitation and production. This experience combined with the acquisition of Pepper allows TGS to offer a full suite of tools needed for any player or tournament organizer in e-sports. TGS is also the owner of Canada's first dedicated e-sports arena, The Gaming Stadium, located in Richmond, B.C., which opened in June, 2019.
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