NEW YORK, NY / ACCESSWIRE / September 22, 2022 / Engine Gaming and Media, Inc. (“Engine” or the “Company”) (NASDAQ:GAME)(TSXV:GAME), a data-driven, gaming, media and influencer marketing platform company, today announced that it has extended convertible bonds due in October and November 2022. end with a total principal of US$1,250,000. The original convertible bonds had an annual interest rate of 10% per annum and a conversion price of US$8.90 per share.
In lieu of the expiring convertible bonds, the Company has issued a new convertible bond with aggregate principal amount of US$1,250,000, maturing August 31, 2025, bearing an annual interest rate of 7% per annum and convertible into common stock of the Company at a conversion price of US$1.10 per share.
Each of the expiring convertible bonds and the replacement convertible bonds is economically held by a director of the Company. The participation of a director in the amendment of the convertible bonds constitutes a “related party transaction” as defined in Multilateral Instrument 61-101 – Protection of Minority Securities Holders in Special Transactions (“MI 61-101”). The Company relies on an exemption from the formal valuation requirements and minority shareholder approval requirements under MI 61-101, as the fair market value of the amendment of the convertible bonds does not exceed 25% of the Company’s market capitalization.
About Engine Gaming and Media, Inc.
Engine Gaming and Media, Inc. (NASDAQ:GAME) (TSXV:GAME) provides unparalleled live streaming data and social analytics, relationship management and monetization, and programmatic advertising to support the world’s largest video game companies, brand marketers, e-commerce companies, media publishers and agencies to stimulate new revenue streams. The company’s subsidiaries include Stream Hatchet, the global leader in gaming video distribution analytics; Sideqik, a platform for discovering, analyzing and activating social influencer marketing; and Frankly Media, a digital publishing platform used to create, distribute and monetize across all digital channels. Engine generates revenue through a combination of software-as-a-service subscription fees, managed services, and programmatic advertising. For more information, visit www.enginegaming.com.
Warning About Forward-Looking Information
This press release contains forward-looking statements. Forward-looking statements include known and unknown risks, uncertainties and other factors that could cause Engine’s actual results, performance or performance to differ materially from any future results, performance or performance expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or ” does not anticipate”, or “believe”, or variations of such words and expressions or state that certain actions, events or results “may”, “may”, “should”, “would” or “will” be taken, occur or be reaches. With respect to the forward-looking information contained herein, Engine has made such statements and information based on certain assumptions that management believes to be reasonable at the time. Forward-looking information includes known and unknown risks, uncertainties and other factors that could cause the actual results, performance or performance stated herein to differ materially from future results, performance or performance expressed or implied by the forward-looking information. Actual results may differ materially from currently expected results due to a number of factors and risks. Accordingly, readers should not place undue reliance on forward-looking information contained in this press release.
The forward-looking statements in this press release are made as of the date of this press release and may be changed accordingly after that date. Engine assumes no obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) assumes any responsibility for the suitability or accuracy of this release.
Contact person for investor relations:
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SOURCE: Engine Gaming & Media Inc.