TGS Esports Provides Update on Proposed Acquisition of Pepper Esports
TGS Esports Inc. (“TGS” or the “Company“) (TSXV: TGS) (FRA: 5RH) is pleased to provide an update, further to its new release of November 2, 2020, on its proposed acquisition (the “Transaction“) of Pepper Esports Inc. (“Pepper“), a next generation competitive esports platform, pursuant to an amalgamation agreement (the “Amalgamation Agreement“) among the Company, Pepper and 1271801 B.C. Ltd. (“Subco“), a wholly-owned subsidiary of the Company.
The Company has now received the conditional approval from the TSX Venture Exchange (the “Exchange“) for the Transaction. The Company, Pepper and Subco entered into an amendment to the Amalgamation Agreement dated December 2, 2020, which provides for, among other things, the issuance of warrants to purchase common shares of TGS to certain holders of stock options of Pepper who are not eligible to be issued stock options under the Company’s stock option plan.
Completion of the Transaction remains subject to a number of conditions, including the final approval of the Exchange and other customary conditions for transactions of this nature.
About Pepper Esports Inc.
Pepper is a leading esports platform provider that offers an advanced platform to create and manage communities of players, organizers, spectators and sponsors, all in one place. By working closely with event organizers and live venue operators over the last two years, Pepper has developed a suite of advanced tools to manage esports communities, run world class esports and operate physical gaming venues.
Pepper’s key technologies include its patent pending AI engine, which automatically captures game data to create a tournament experience that extends beyond live gameplay and includes highly demanded features such as global leaderboards, player profiles and statistics, new tournament discovery and digital wallets.
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