Engine Gaming Completes Shares for Debt Settlement

Rhea-AI Summary

Engine Gaming and Media (NASDAQ:GAME) has completed a shares-for-debt transaction extinguishing US$305,137 of outstanding debt by issuing 200,000 common shares at a deemed price of US$1.525 each. Additionally, 100,000 common shares were issued to settle a litigation matter. The shares are subject to a hold period expiring on July 23, 2023. Engine Gaming focuses on providing analytics, influencer marketing, and programmatic advertising services in the gaming industry, generating revenue through subscriptions and managed services.

Positive

• Completed a shares-for-debt transaction to extinguish US$305,137 of debt.
• Issued 200,000 shares at US$1.525 each, aiding in debt management.
• Resolved a litigation matter by issuing 100,000 shares.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / March 23, 2023 / Engine Gaming and Media, Inc. (GAME) ("Engine" or the "Company") (NASDAQ:GAME)(TSXV:GAME) announces that further to its press release dated February 15, 2023 it has completed its shares for debt transaction whereby an aggregate of US$305,137 of the Company's outstanding debt was extinguished by way of the issuance of 200,000 common shares in the capital of the Company (the "Shares") at a deemed price of US$1.525 (CDN$2.04) per Share. The Company has also issued 100,000 common shares to fully settle an outstanding litigation matter. The Shares issued pursuant to the shares for debt transactions are subject to a four month plus one day hold period expiring on July 23, 2023.

About Engine Gaming and Media, Inc.

Engine Gaming and Media, Inc. (NASDAQ:GAME)(TSXV:GAME) provides unparalleled live streaming data and social analytics, influencer relationship management and monetization, and programmatic advertising to support the world's largest video gaming companies, brand marketers, ecommerce companies, media publishers and agencies to drive new streams of revenue. The company's subsidiaries include Stream Hatchet, the global leader in gaming video distribution analytics; Sideqik, a social influencer marketing discovery, analytics, and activation platform; and Frankly Media, a digital publishing platform used to create, distribute, and monetize content across all digital channels. Engine Gaming generates revenue through a combination of software-as-a-service subscription fees, managed services, and programmatic advertising. For more information, please visit www.enginegaming.com.

Company Contact:

Lou Schwartz
647-725-7765

Stream Hatchet PR:

Amanda Brooks
Stream Hatchet
amanda@streamhatchet.com

Investor Relations Contact:

Shannon Devine
MZ North America
Main: 203-741-8811
GAME@mzgroup.us

SOURCE: Engine Gaming & Media Holdings, Inc.

View source version on accesswire.com:
https://www.accesswire.com/745323/Engine-Gaming-Completes-Shares-for-Debt-Settlement

FAQ

What recent financial action did Engine Gaming (GAME) take?

Engine Gaming completed a shares-for-debt transaction extinguishing US$305,137 of debt.

How many shares did Engine Gaming issue to settle litigation?

Engine Gaming issued 100,000 common shares to fully settle an outstanding litigation matter.

What is the deemed price per share for Engine Gaming's recent issuance?

The deemed price per share for Engine Gaming's recent issuance is US$1.525.

When does the hold period for the new shares expire?

The hold period for the new shares expires on July 23, 2023.