MONTREAL, Aug. 29, 2022 (GLOBE NEWSWIRE) -- React Gaming Group Inc. (“React Gaming” or the “Corporation”) (TSXV: RGG, OTCQB: ITMZF) is pleased to announce that it has received the approval of the TSX Venture Exchange to extend the term of an aggregate of 31,232,000 common share purchase warrants (the “Warrants”), comprising 21,225,000 Warrants issued as part of a private placement closed on March 5, 2021, and 10,007,000 Warrants issued pursuant to an automatic conversion on February 18, 2022, of a subscription receipt offering. The term of the Warrants will be extended as follows:
| Number of Warrants | Exercise price | Original expiry date | New expiry date | |
| 21,225,000 | $0.265 | September 5, 2022 | September 5, 2023 | |
| 10,007,000 | $0.53 | February 18, 2023 | February 18, 2024 | |
All other terms of the Warrants will remain unchanged.
“This extension will give the loyal, devoted, and supportive investors who participated in those two financings, and thus supported React Gaming’s major shift into esports and iGaming, the opportunity to benefit from the Corporation’s success in the event the share price surpasses the warrants' exercise prices,” said Leigh Hughes, CEO of React Gaming.
“As we mentioned in our recent Q2 2022 earnings release, we are committed to growing our esports and iGaming business primarily through our LOOT.BET online esports betting platform, as well as our Compete.gg and Parabellum Esports subsidiaries. These warrants would represent an additional source of funding for React Gaming's growth plans over the longer term,” Mr. Hughes added.
About React Gaming Group
React Gaming Group (TSXV: RGG, OTCQB: ITMZF) is a publicly traded holding company that stands at the forefront of the esports and iGaming industry. By investing in innovative technologies that enhance tournaments, teams and wagering, we provide our users with gaming platforms that produce non-stop action, exciting outcomes and unparalleled enjoyment. Through the use of intelligent data, we also connect our sponsors to robust communities within the rapidly evolving industry, ensuring maximum engagement and substantial reward. For more information, please visit us at reactgaming.ca and follow us on LinkedIn, Twitter, Instagram and YouTube.
Forward-Looking Statements
This news release may contain “forward-looking statements” within the meaning of applicable Canadian securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. The Corporation's statements expressed or implied by these forward-looking statements are subject to a number of risks, uncertainties, and conditions, many of which are outside of the Corporation's control, and undue reliance should not be placed on such statements. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding the Corporation’s activities, including: that the Corporation's assumptions in making forward-looking statements may prove to be incorrect; general adverse market conditions and competition; the inability to finance operations and/or obtain any future strategic investment necessary to implement new technologies; the inability to build a sustainable, conscientious company with a stronger presence online through new products in esports and gaming; the inability to obtain, or maintain, gaming license(s); and that market conditions related to the COVID-19 pandemic may negatively affect the outcome of the business or operations of the Corporation, including its results and financial condition. Except as required by securities law, the Corporation does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
REACT GAMING GROUP INC.
Leigh Hughes
1-514-861-1881
info@reactgaming.ca
