TORONTO, March 20, 2020 /CNW/ -- Torque Esports Corp. (TSX-V: GAME) (OTCQB: MLLLF) ("Torque" or the "Company")TORONTO, announces that it has settled and extinguished $900,002.55 of indebtedness (the "Indebtedness") through the issuance of common shares of the Company (the "Common Shares"). Pursuant to the settlement of the Indebtedness (the "Debt Settlement"), the Company issued 694,500 Common Shares at a deemed price of $1.2959 per Common Share to three creditors of the Corporation. The Company chose to settle and extinguish the Indebtedness through the issuance of Common Shares to preserve cash and improve the Company's balance sheet. The Debt Settlement was conditionally approved by the TSX Venture Exchange (the "TSXV") on March 19, 2020.
The issuance of the Common Shares to the Creditor is subject to the receipt of final approval of the TSXV. The Common Shares issued pursuant to the Debt Settlement 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 issuance.
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 the proposed acquisition of simulator company AiS – Torque will be able to offer 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. 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. 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.