New Wave Esports Completes Reverse Takeover

New Wave Esports (TSXV:TRM), formerly Trueclaim Exploration announced that it has finalized its reverse takeover transaction (RTO). The RTO will establish a firm focused on providing the capital for esports teams, leagues, platforms and events, among others.

As quoted in the press release:

The Company’s common shares (the “Shares“) will commence trading on the Canadian Securities Exchange (the “CSE“) under the new ticker symbol “NWES” after the CSE issues its final exchange bulletin confirming the completion of the Transaction. The Shares are anticipated to commence trading in the next few business days under the symbol NWES. A further press release will be issued once trading has commenced.

The Company completed a “three cornered” amalgamation whereby 1205619 B.C. Ltd. (“Subco“), a wholly-owned subsidiary of the Company, amalgamated with NW pursuant to an amalgamation agreement dated June 7, 2019, as amended effective September 26, 2019, among the Company, Subco and NW (the “Amalgamation Agreement“). Pursuant to the terms of Amalgamation Agreement, an aggregate of 48,848,666 Shares were issued to the former shareholders of NW. An additional 4,884,866 Shares were issued to certain finders for their assistance with the sourcing and completion of the Transaction. All Shares were issued at a deemed price of $0.15 per Share. With the completion of the Transaction, the Company has 77,692,034 Shares issued and outstanding (on an undiluted basis).

Click here to read the full press release.