TGS Esports Inc. (“TGS” or the “Company“) (TSXV: TGS) is pleased to update its disclosure regarding the non-binder letter of intent dated February 16, 2022 with with respect to a potential business combination (the “Transaction“) with certain subsidiaries of an arm’s length entertainment, travel and media company (the “MediaCo“) which would result in a reverse takeover of the Company by the shareholders of MediaCo, as first announced on February 18, 2022.

TGS and MediaCo continue to conduct due diligence and work towards the establishment of a definitive structure with respect to the Transaction. A comprehensive news release in accordance with TSX Venture Exchange (“TSXV“) Policy 5.2 – Changes of Business and Reverse Takeovers will be provided if and when the parties enter into a definitive agreement.

The Company is also pleased to announce that, further to its February 18, 2022 news release, it has received drawdowns in the aggregate amount of $1,000,000 from certain arms’ length lenders who agreed to advance funds to the Company as an unsecured loan (the “Loan“). The proceeds of the Loan are expected to be used by the Company for its working capital commitments, including equipment purchases, salaries, and payment of outstanding obligations, and to fund the Company’s expenses in connection with the evaluation and completion of the Transaction.

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