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As part of the offering, Torque issued shares to creditors at C$1.29 per share as part of a C$900,000 settlement.
Torque Esports (TSXV:GAME), formerly known as Millennial Esports announced that it closed a C$900,000 debt settlement with its creditors through the issuance of 694,500 common shares. The company additionally announced an update to its private placement initially announced in late-November. Here, it received conditional approval from the Toronto Venture Stock Exchange to raise up to C$5 million in a non-brokered private placement.
As quoted in the press release:
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.