TORONTO, Dec. 12, 2019 /CNW/ -- Torque Esports Corp. (TSX-V: GAME) (OTCQB: MLLLD) ("Torque" or the "Company") reports that its board of directors has approved the settlement of $900,002.55 of debt through the issuance of common shares of the Company (the "Debt Settlement"). Pursuant to the Debt Settlement, Torque would issue 694,500 common shares of Torque (the "Shares") at a deemed price of $1.2959 per Share to certain creditors of the Company (the "Creditors").
The issuance of the Shares to the Creditors is subject to the approval of the TSX Venture Exchange. All securities issued will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue.
Update on Private Placement
Torque also wishes to provide an update on the previously announced proposed non-brokered private placement (see news release dated November 26, 2019). Torque has received conditional approval from the TSX Venture Exchange to complete a private placement of up to $5,000,000 (the "Private Placement"). The Private Placement will consist of up to 4,000,000 units at an issue price of $1.25 per unit, with each unit comprised of one common share of the Company and one-half of one common share warrant. Each full warrant is exercisable into a common share of the Company at an exercise price of $1.80 per share for a period of 36 months.
About Torque Esports
Torque focuses on three areas - esports data provision, esport tournament hosting and esports racing.
Torque aims to revolutionize esports racing and the racing gaming genre via its industry-leading gaming studio Eden Games which focuses on mobile racing games and its unique motorsport IP, including World's Fastest Gamer (created and managed by wholly-owned subsidiary IDEAS+CARS, Silverstone UK). With simulator company AiS recently added – Torque offers gamers everything from Free to Play mobile games to the highest end simulators.
Building on the leading position of Stream Hatchet, a wholly-owned subsidiary, Torque also provides robust esports data and management information to brands, sponsors, and industry leaders. Its tournament organizing arm, UMG, has recently added a digital tournament platform to its portfolio of assets in its ever-growing ecosystem.
Cautionary Statement on Forward-Looking Information
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Torque to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements include, but are not limited to, statements relating to our expectations with respect to the completion of the Debt Settlement and Private Placement. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. There can be no assurance that the Debt Settlement or Private Placement will occur, or that it will occur on the terms and conditions contemplated in this news release. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.
Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on other factors that could affect the operations or financial results of the parties are included in reports on file with applicable securities regulatory authorities.
The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. Torque does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.