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New Wave Esports Corp. Completes Reverse Takeover Transaction

/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/VANCOUVER, Oct. 24, 2019 /CNW/ - NEW WAVE ESPORTS CORP.(formerly Trueclaim Exploration Inc.) ("New Wave Esports" or the "Company") is pleased to announce that it has closed its previously announced reverse takeover transaction (the "Transaction") of New Wave Holdings (BC) Corp. (formerly, New Wave Esports Corp.) ("NW"). The Company will carry on the business of NW, which has amalgamated with a wholly owned subsidiary of the Company. As part of the Transaction, the Company changed its name to "New Wave Esports Corp." and consolidated the common shares of the Company, on the basis of one (1) post-consolidation common share for every one and a one half (1.5) pre-consolidation common shares.
New Wave Esports Corp. Completes Reverse Takeover Transaction
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 4,884,866A 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).
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