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Tova Ventures II Inc. Announces Proposed Qualifying Transaction
Toronto, Ontario--(Newsfile Corp. - January 3, 2018) - Tova Ventures II Inc. (" Tova " or the ...
About this update from Enthusiast Gaming Holdings Inc
[{"type":"text","content":"Tova Ventures II Inc. Announces Proposed Qualifying TransactionToronto, Ontario--(Newsfile Corp. - January 3, 2018) - Tova Ventures II Inc. (\"Tova\" or the \"Company\") (TSXV: TOVA.P), a capital pool company listed on the TSX Venture Exchange (the \"Exchange\"), is pleased to announce it has entered into a letter of intent dated January 2, 2018 (the \"LOI\") with Enthusiast Gaming Inc. (\"Enthusiast\"), to effect a business combination of the two companies (the \"Proposed Transaction\"). The Proposed Transaction will be a reverse takeover of the Company by Enthusiast and its shareholders. Subject to the approval of the Exchange, the Proposed Transaction will constitute the Company's Qualifying Transaction under Exchange Policy 2.4 — Capital Pool Companies (the \"CPC Policy\"). The Company intends to list its common shares on the Exchange as a Tier 2 Technology Issuer upon completion of the Proposed Transaction.Enthusiast Gaming Inc.Enthusiast is a private Ontario corporation that is the fastest growing online community of video gamers. Together with its owned digital media properties and live events, it reaches over 50 million gamers monthly with unique, curated content and user generated posts, across more than 60 websites, digital properties and social media channels worldwide. Enthusiast also owns and operates Canada's largest gaming expo, Enthusiast Gaming Live Expo (EGLX). For more information, visit www.enthusiastgaming.com.The Proposed TransactionIt is currently anticipated that the Proposed Transaction will be effected by way of a three-cornered amalgamation, share exchange, merger, amalgamation, arrangement or other similar form of transaction as is acceptable to the parties. The LOI will be superseded by definitive documentation between the Company and Enthusiast that includes customary representations, warranties conditions and covenants for transactions of this nature.There are currently an aggregate of 5,795,600 common shares in the capital of Tova (each, a \"Tova Common Share\") issued and outstanding, as well as 572,000 stock options and 274,400 broker warrants, each exercisable to acquire one Tova Common Share at an exercise price of $0.10. In connection with the Proposed Transaction, all outstanding stock options of Tova shall remain in effect until the date which is twelve months following the closing o...