Posted by AGORACOM-JC
at 8:09 AM on Tuesday, September 3rd, 2019
Combination creates leading publicly traded esports and gaming
organization with $22 million in 2018 pro forma revenue on closing of
the merger backed by $55 million in financing, with combined global
audience reach of approximately 200 million
Merged assets and reach to include eight esports teams
(including management of the Vancouver Titans Overwatch League
franchise), 50+ esports influencers, 85+ gaming media websites, 900+
YouTube and Twitch channels
Enthusiast Gaming’s extensive media network and gamer data,
combined with Luminosity’s championship calibre teams and brand equity,
expected to drive further audience growth
Strategically positioned to leverage Luminosity’s robust
esports brand and its audience through Enthusiast Gaming’s monetization
and ad tech platform
TORONTO and VANCOUVER, British Columbia, Sept. 03, 2019 (GLOBE NEWSWIRE) — J55 Capital Corp. (“J55“) (TSX-V: FIVE.P) and Enthusiast Gaming Holdings Inc. (“Enthusiast“) (TSX-V: EGLX) are pleased to announce that they, along with Luminosity Gaming Inc. (“Luminosity Gamingâ€) and Aquilini GameCo Inc. (“GameCoâ€), have completed their previously announced transactions, as described below, resulting in the formation of the leading publicly traded esports and gaming media organization in North America. The merged entity, to be called Enthusiast Gaming Holdings Inc. (“Enthusiast Gamingâ€), is expected to commence trading on the TSX Venture Exchange (“TSXVâ€) on or about September 9, 2019 under the symbol “EGLXâ€.
Menashe Kestenbaum, President of Enthusiast Gaming, commented, “Our
vision when we founded Enthusiast was to build the largest, vertically
integrated esports and gaming company in the world. The merger with
Aquilini GameCo and Luminosity was a strategic decision that positions
us as a dominant player in the gaming industry and unlocks access to
Luminosity’s 60 million dedicated esports fans and one of the largest
esports franchises. I look forward to working with our new partners to
continue to build and diversify Enthusiast Gaming across the esports,
gaming and entertainment sectors.â€
Enthusiast is party to a long-term management services agreement with
the Vancouver Titans to manage the team which was founded in 2018 and
is competing in its first season in the Overwatch League. Overwatch
League is an esports competition with 20 teams across six countries and
three continents, all centered on the popular first-person shooter game
Overwatch. Enthusiast is also party to a long-term services support
agreement with Vancouver Arena Limited Partnership (“VALPâ€)
pursuant to which VALP will provide Enthusiast with a broad range of
marketing and business support services, including corporate partnership
and selling support, retail support, brand association and marketing
support (to be provided by Canucks Sports and Entertainment), esports
planning and execution, digital and social media support and back office
support.
J55 also announced today a second consolidation (the “Second Consolidationâ€,
which together with the First Consolidation (as defined in the joint
management information circular of J55 and Enthusiast dated July 23,
2019), are herein referred to as the “Consolidationsâ€)
of the issued and outstanding common shares of the merged entity on the
basis of 8 post-First Consolidation J55 Shares for 1 post-Second
Consolidation J55 Share.
Plan of Arrangement
J55 and Enthusiast have completed their previously announced arrangement (the “Arrangement“), pursuant to which J55 has acquired all of the issued and outstanding common shares of Enthusiast (the “Enthusiast Sharesâ€) by way of a plan of arrangement under the Business Corporations Act (Ontario).
Under the terms of the Arrangement, each former Enthusiast
Shareholder received 4.22 post-First Consolidation J55 Shares for each
Enthusiast Share held immediately prior to the Arrangement (the “Consideration“).
It is anticipated that the Enthusiast Shares will be delisted from the
TSXV effective as of the close of trading on or about September 4, 2019.
In order to receive the Consideration, registered shareholders of
Enthusiast Shares will be required to deposit their share certificate(s)
or direct registration statement(s) representing Enthusiast Shares,
together with the duly completed letter of transmittal, with TSX Trust
Company, the depositary under the Arrangement. Shareholders whose
Enthusiast Shares are registered in the name of a broker, dealer, bank,
trust company or other nominee should contact their nominee regarding
the receipt of the Consideration. For more information, contact:
Holders of options to purchase Enthusiast Shares (“Enthusiast Optionsâ€)
may exercise their Enthusiast Options, subject to the adjustments in
accordance with the Arrangement Agreement, to acquire common shares in
the capital of J55 at the same conversion ratio applicable to the
Enthusiast Shares. All other terms governing the Enthusiast Options,
including, but not limited to, the expiry term, vesting and the
conditions to and the manner of exercise, will be the same as the terms
that were in effect immediately prior to the Effective Date.
Warrants to purchase Enthusiast Shares (the “Enthusiast Warrantsâ€), other than those that have been exercised prior to August 30, 2019 (the “Effective Dateâ€),
will continue to remain outstanding as Enthusiast Warrants which, upon
exercise, will entitle the holder thereof to receive, in lieu of the
number of Enthusiast Shares to which such holder was theretofore
entitled upon exercise of such Enthusiast Warrants, the Consideration
that such holder would have been entitled to be issued and receive if,
immediately prior to the Effective Date, such holder had been the
registered holder of the number of Enthusiast Shares to which such
holder was theretofore entitled upon exercise of such Enthusiast
Warrants. All other terms governing the Enthusiast Warrants, including,
but not limited to, the expiry term and the conditions to and the manner
of exercise, will be the same as the terms that were in effect
immediately prior to the Effective Date, and shall be governed by the
terms of the applicable warrant indenture.
Amalgamation of J55 and GameCo Immediately prior to the completion of the Arrangement, J55 completed the acquisition of GameCo (the “Amalgamationâ€, together with the Arrangement, the “Transactionsâ€). The Amalgamation was completed pursuant to the terms and conditions of an amalgamation agreement (the “Amalgamation Agreementâ€)
between J55 and GameCo pursuant to which J55 acquired all of the
outstanding securities of GameCo in exchange for securities of J55. The
Amalgamation constituted J55’s Qualifying Transaction (as defined in the
policies of the TSXV). On closing of the Amalgamation, all of the
issued and outstanding securities of GameCo were exchanged for
corresponding securities of J55 as follows:
each of the 309,572,066 common shares of GameCo (the “GameCo Sharesâ€)
were cancelled and, in consideration thereof, each GameCo shareholder
received one (post-First Consolidation) J55 common share (a “J55 Shareâ€);
each of the 2,181,690 warrants to purchase GameCo Shares (the “GameCo Warrantsâ€)
were exchanged for warrants to purchase the corresponding number of
(post-First Consolidation) J55 Shares on the same terms as those
contained in the GameCo Warrants, and each such GameCo Warrant was
cancelled; and
each of the options to purchase GameCo Shares (the “GameCo Optionsâ€)
were exchanged for options to purchase the corresponding number of
(post-First Consolidation) J55 Shares on the same terms as those
contained in the GameCo Options, and each such GameCo Option was
cancelled.
Immediately prior to the closing of the Amalgamation, J55 completed
the First Consolidation, consolidating its outstanding common shares on
the basis of 1.25 pre-First Consolidation shares for every one
post-First Consolidation share. Convertible debentures of GameCo in the
aggregate principal amount of $10 million were also exchanged for
equivalent convertible debentures of J55 (the “J55 Debenturesâ€)
pursuant to the Amalgamation, but the J55 Debentures were converted
into an aggregate of 22,222,222 J55 Shares at $0.45 per J55 Share
pursuant to the terms of the applicable convertible debenture indenture,
on completion of the Arrangement.
GameCo Acquisition of Luminosity Gaming
Prior to completing the Amalgamation, GameCo completed its acquisition of Luminosity Gaming and Luminosity Gaming (USA), LLC (“Luminosity USAâ€, which together with Luminosity Gaming, is herein referred to as ‘Luminosityâ€) (the “Luminosity Acquisitionâ€).
Luminosity is a globally recognized esports organization founded by
Steve Maida. Luminosity operates in North America and is based in
Toronto, Canada. GameCo completed the Luminosity Acquisition in
accordance with a share purchase agreement dated February 14, 2019
pursuant to which GameCo acquired Luminosity in exchange for the payment
of $1.5 million cash, the issuance of 60 million common shares of
GameCo, and the issuance of a $2.0 million unsecured promissory note.
Immediately following the completion of the Luminosity Acquisition,
the subscription receipts sold pursuant to GameCo’s March 2019
$25,000,200 subscription receipt financing were automatically converted
into common shares of GameCo pursuant to the terms of the financing and
the escrowed proceeds of the financing were released from escrow to
GameCo upon satisfaction of the escrow release conditions.
Second Consolidation and Name Change
The ex-dividend date for the Second Consolidation is September 5,
2019, with the new CUSIP number being made eligible on such date. The
Second Consolidation is effective as of September 9, 2019, and the J55
Shares will be listed on the TSXV on a post-Second Consolidation basis
effective at the opening of the market on such date. Immediately prior
to the Second Consolidation, there were 571,184,323 J55 Shares issued
and outstanding. Following the Second Consolidation, there are
approximately 71,398,036 J55 Shares issued and outstanding. Share
certificates and direct registration statements, as applicable, will be
sent to registered shareholders following completion of the Second
Consolidation reflecting the adjustments to their shareholdings as a
result of the Consolidations, as applicable.
In connection with the Transactions, effective as of September 5,
2019, J55 will also change its name from “J55 Capital Corp.†to
“Enthusiast Gaming Holdings Inc.â€, and change its trading symbol to
“EGLXâ€. Enthusiast will change its name to “Enthusiast Gaming Properties
Inc.†and the Enthusiast Shares will be delisted from the TSXV and the
OTCQB, and Enthusiast will apply to cease to be a reporting issuer.
Senior Management and Board of Directors of the Merged Company
The senior management team of Enthusiast Gaming draws from the
extensive experience and expertise of the merging companies and consists
of:
Chief Executive Officer: Adrian Montgomery President: Menashe Kestenbaum President of Esports: Steve Maida President of EGLive: Corey Mandell Chief Operating Officer and SVP Finance: Eric Bernofsky Chief Financial Officer: Alex Macdonald Chief Information Officer: Meir Bulua
The board of directors of Enthusiast consists of the following seven
directors: Francesco Aquilini (Non-Executive Chair), Adrian Montgomery,
Steve Maida, Menashe Kestenbaum, Alan Friedman, Ben Colabrese and
Michael Beckerman.
Advisors
Canaccord Genuity Corp. acted as GameCo’s exclusive financial advisor
and Norton Rose Fulbright Canada LLP acted as GameCo’s legal advisor in
connection with the Transactions. Haywood Securities Inc. acted as
Enthusiast’s financial advisor, and Stikeman Elliott LLP and Minden
Gross LLP acted as Enthusiast’s legal advisors in connection with the
Arrangement. Clark Wilson LLP acted as J55’s legal advisor in connection
with the Transactions.
Further information about the Transactions and Consolidations is set
forth in the joint information circular of Enthusiast and J55 dated July
23, 2019 which was mailed to the shareholders of Enthusiast and J55,
and which is available under their respective profiles on SEDAR at
www.sedar.com.
ON BEHALF OF THE BOARD OF J55
“Adrian Montgomery†Adrian Montgomery Chief Executive Officer and Director
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking
statements. Forward looking statements consist of statements that are
not purely historical, including any statements regarding beliefs,
plans, expectations or intentions regarding the future. Such statements
are subject to risks and uncertainties that may cause actual results,
performance or developments to differ materially from those contained in
the statements, including risks related to factors beyond the control
of J55 or Enthusiast. The risks include risks that are customary to
transactions of this nature. No assurance can be given that any of the
events anticipated by the forward-looking statements will occur or, if
they do occur, what benefits J55 or Enthusiast will obtain from them.
This press release does not constitute an offer to sell or
solicitation of an offer to buy any of the securities in the United
States. The securities have not been and will not be registered under
the United States Securities Act of 1933, as amended (the “U.S.
Securities Actâ€) or any state securities laws and may not be offered or
sold within the United States or to a U.S. Person unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this
release.
For further information regarding J55 or Enthusiast, please contact:
Julia Becker Head of Investor Relations & Marketing Telephone: 604-785-0850 Email: [email protected]
Posted by AGORACOM-JC
at 5:27 PM on Friday, August 30th, 2019
Repositioning Strategy allows GLN to achieve its objective of being profitable at the earliest opportunity.
Company encourages all shareholders to review the 2019 Deck at their earliest convenience, available at www.glninc.ca.
All other internal projects, including AR blockchain solution and the mPlore acquisition have been put on indefinite hold.
Vancouver, British Columbia–(August 30, 2019) – Â Good Life Networks Inc. (TSXV: GOOD) (“GLN” or the “Company“) would like to advise its shareholders that there has been a significant negative shift within the advertising technology industry, which has a material and significant impact on the current operations of GLN and its two recently acquired companies. As a result, we expect the Q2 and FY2019 financial performance of GLN to be significantly below our previous expectations.
In response to this shift, GLN is proposing a repositioning of its business (the “Repositioning Strategy“) and has created a corporate deck (the “2019 Deck“)
outlining the details of the Repositioning Strategy which includes a
description of GLN’s proposed new business model. The Repositioning
Strategy proposes utilizing the technology GLN has developed to power
customer acquisition for several consumer products and services
including Cannabidiol (“CBD“) products, e-sports
fantasy and other online gambling services. This pivot in the Company’s
business will require minimal working capital and a scaled down team and
will use GLN’s existing technology to gain a competitive advantage.
GLN’s existing technology has been developed over several years and
has been refined to allow robust and high-volume customer identification
and routing for marketing purposes. While the current market has
changed, the usage and effectiveness of our technology has not.
Redeploying our technology in these new markets will give us a
significant customer acquisition advantage.
The Repositioning Strategy allows GLN to achieve its objective of
being profitable at the earliest opportunity. We encourage all
shareholders to review the 2019 Deck at their earliest convenience,
available at www.glninc.ca. All other internal projects, including AR blockchain solution and the mPlore acquisition have been put on indefinite hold.
Changes in Management
GLN announces the following management changes. Chris Bradley has
been promoted to the role of the Company’s new Chief Executive Officer
(“CEO“). Mr. Bradley, who currently serves as GLN’s
Vice President of Technology, will succeed Jesse Dylan, the Company’s
founder and current CEO. Mr. Dylan has been appointed as the Company’s
Chairman. Cliff Dumas has retired as the Company’s Chief Communication
Officer (“CCO“) and Vice President of Operations and Andrew Osis has resigned as the Company’s Chief Financial Officer (“CFO“)
to assume a strategic advisor role in GLN’s Repositioning Strategy
described above. Lastly, Andrew Gibson has been appointed as the Chief
Operating Officer and Mathew Lee has been appointed as the CFO,
effective August 30, 2019.
The incoming CEO has made several immediate changes to management and
employee compensation, starting with a 50% reduction in CEO salary and a
30% reduction in COO salary. All of GLN’s Canadian team members have
accepted a salary reduction of approximately 30%. Management leaving the
company have agreed to waive any and all severance payments.
Discussions will now begin with key stakeholders, starting with
secured creditors, ahead of any likely breach of covenants. GLN is also
in discussion with potential financial resources to assist in the
funding of the pivot outlined here as recapitalization will be required
to fully execute the pivot plan.
About Chris Bradley
Mr. Bradley is an experienced CTO with a decade in AdTech technology
design and architecture. His IT career started with architecting IT
systems for the UK’s first internet bank. After becoming an ad tech
entrepreneur, he built and ran several businesses leading to a sale of
his greeting cards business to Hallmark Cards plc. Chris has built
platforms for some of the icons of the internet, systems that scale and
generate tens of millions of dollars in revenues.
About Mathew Lee
Mr. Lee has over ten years of experience in audit, finance, public
company financial reporting and operations management. He began his
career as a CPA, CA with Smythe LLP and performed financial statement
audits and handled taxation matters for both publicly traded and
privately held entities from January 2007 to December 2014. From
December 2014 to November 2016, Mr. Lee was Manager of Operations for
Raymond James Ltd., one of Canada’s largest independent investment
dealers with revenues in excess of $300 million and assets under
administration in excess of $33 billion. From November 2016 to November
2017, Mr. Lee served as Corporate Controller for AP Capital, a real
estate investment company with assets under management of $150 million.
Since November 2017, Mr. Lee has served as chief financial officer for
multiple TSX-V and CSE listed companies with a focus on cannabis,
mining, and technology. Mr. Lee has expertise in the areas of financial
reporting, budgeting, forecasting, cash management and process
improvement. Mr. Lee holds a Chartered Professional Accountant
designation with a Bachelor of Commerce Degree from the University of
British Columbia.
About Andrew Gibson
Mr. Gibson is a 14-year Ad Tech veteran with expertise in office
management and collections, controlling and managing multimillion-dollar
accounts. Andrew is a lifelong successful entrepreneur, having
successfully built and sold businesses including exiting from a large
security destruction business to publicly listed PHS Plc. His strategic
leadership skills have resulted in high revenue growth and profitability
for the organizations that he has driven forward.
Q2 2019 Financials
GLN would also like to advise that the Q2 2019 Financial Statements
and MD&A filings will be delayed beyond the end of August 31st,
2019. A further update will be issued once a date of release is
confirmed.
Litigation Settlement and Update
GLN also announces that it has fully settled its outstanding lawsuit with Lernalabs Ltd. (“LernaLabs“) and Lerna, LLC (“Lerna LLC“)
by agreeing to paying Lerna the sum of $650,000 USD in full and final
settlement, to be paid by way of a future dated payment plan. The
lawsuit with McMillan LLP remains outstanding.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Forward Looking Statements:
This news release contains
“forward-looking information” within the meaning of applicable Canadian
securities laws (“forward-looking information”) concerning the Company’s
business plans, including, but not limited to, anticipated results and
developments in the Company’s operations in future periods and other
matters that may occur in the future. In certain cases, forward-looking
information can be identified by the use of words such as “will”,
“it’ll”, “opportunity”, “target”, “can reach”, “expects”, “plans”,
“should”, or “future” or comparable terminology. Forward-looking
information contained in this Investor Presentation includes, but is not
limited to, statements regarding: (a) proposed changes to the Company’s
business model (b) the anticipated performance of the Company’s
business and operations; (c) future outlook and goals; and (d) proposed
changes to the Company’s compensation guidelines.
Forward-looking information is not
a guarantee of future performance and is based upon a number of
estimates and assumptions of management in light of management’s
experience and perception of trends, current conditions and expected
developments, as well as other factors that management believes to be
relevant and reasonable in the circumstances, including, without
limitation, assumptions about:
the financial performance of the Company,
future economic conditions;
general economic, financial market, regulatory and political conditions in which the Company operates;
competition;
anticipated and unanticipated costs; and
market prices, values and other economic indicators;
While the Company considers these
assumptions to be reasonable, the assumptions are inherently subject to
significant business, social, economic, political, regulatory,
competitive and other risks and uncertainties, contingencies and other
factors that could cause actual actions, events, conditions, results,
performance or achievements to be materially different from those
projected in the forward-looking information. Many assumptions are based
on factors and events that are not within the control of the Company
and there is no assurance they will prove to be correct. Furthermore, by
their very nature, forward-looking information involves a variety of
known and unknown risks, uncertainties and other factors which may cause
the actual plans, intentions, events, results, performance or
achievements of the Company to be materially different from those
expressed or implied by such forward-looking information. Such risks,
uncertainties and other factors include, without limitation, those
related to:
the ability to obtain financing
needed to fund the continued development of the Company’s business,
including the Repositioning Strategy;
the Company’s ability to manage anticipated and unanticipated costs;
the Company’s inability to maintain or improve its competitive position;
market conditions, volatility and global economic conditions;
industry-wide risks; and
general risks and uncertainties related to the Company’s ‘s prospects and business strategy.
There can be no assurance that
forward-looking information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such information. Accordingly, readers should not place undue reliance
on forward-looking information. The Company does not undertake any
obligation to publicly update or revise any forward-looking information
other than as required under applicable securities law. Additional
information identifying risks and uncertainties is contained in GLN’s
filings with the Canadian securities regulators, which filings are
available at www.sedar.com.
Tags: CSE, stocks, tsx, tsx-v Posted in All Recent Posts | Comments Off on Good Life Networks $GOOD.ca Announces Management Changes Including New CEO, New CFO and Outlines New Direction for the Company
Posted by AGORACOM-JC
at 11:22 AM on Friday, August 30th, 2019
SPONSOR: Esports Entertainment
$GMBL Esports audience is 350M, growing to 590M, Esports wagering is
projected at $23 BILLION by 2020. The company has launched VIE.gg
esports betting platform and has accelerated affiliate marketing
agreements with 190 Esports teams. Click here for more information
GMBL: OTCQB
———————–
Mobile esports grossed $15.3 billion worldwide last year
Mobile esports industry has generated $15.3 billion in revenue last year.
Market intelligence firm predicts that mobile gaming is the fastest-growing sector when it comes to the global esports scene.
Niko Partners is a market research and consulting firm based in Asia, which specializes in the sector of gaming and esports. According to their most recent 45-page report,
the Mobile esports industry has generated $15.3 billion in revenue last
year. The market intelligence firm predicts that mobile gaming is the
fastest-growing sector when it comes to the global esports scene. This
means that we can expect massive regional as well as global mobile
esports tournaments coming our way in the upcoming years.
The steep climb in numbers remains constant when it comes to the
number of players who are now engaging in mobile games because most of
the popular titles are free to play and can be accessed easily as all
you need is a mobile phone and an internet connection. Pc and console
gaming involves comparatively more number of variables than mobile
gaming which makes up for the major reason why people are looking up to
playing mobile games on a competitive level as well.
“Mobile esports tournaments will engage consumers not only as spectators but as participants,†said Niko Partners managing partner Lisa Hanson.
Based on statistics, China is the largest market for both mobile and
PC esport games, accounting for $5.6 billion and $6.4 billion
respectively. League of Legends remains the leading PC esport game,
having grossed $1.9 billion last year down from $2.1 billion the year
prior. Most of us are aware of how popular this game is owing to its
twitch viewership counts which remain at an all-time high except times
when major events are taking place. Despite being the most viewed and
the highest revenue-generating game on Pc, Riot Games’ MOBA falls short
in front of Tencent’s mobile title Arena of Valor which grossed $2.5
billion in 2018. When it comes to PC, the most popular esports titles
are League of Legends, Dota2, Counter-Strike Global Offensive, Fortnite
and so on. But the mobile gaming world is fighting back with
well-established titles like PUBG Mobile, Arena of Valor, Clash Royale,
Brawl Stars, Mobile Legends and many more anticipated titles like Call
of Duty awaiting their global release.
The healthy competition between PC/Console gaming and Mobile gaming
brings only good news to the community as the entire scene is growing
and more people, organizations and nations are getting involved, hence
it only gives us confidence when we tell it to the world that Gaming is
the next big thing!
Posted by AGORACOM-JC
at 5:43 PM on Thursday, August 29th, 2019
SPONSOR: Tartisan Nickel (TN:CSE)
Kenbridge Property has a measured and indicated resource of 7.14
million tonnes at 0.62% nickel, 0.33% copper. Tartisan also has
interests in Peru, including a 20 percent equity stake in Eloro
Resources and 2 percent NSR in their La Victoria property. Click her for more information
Nickel gains as waste spill highlights supply worries
Nickel prices rose on Thursday after a waste spill threatened to close a processing plant in Papua New Guinea, adding to fears of supply shortages.
Benchmark nickel on the London Metal Exchange (LME) ended up 2.3% at $16,455, near a 16-month high of $16,690 reached three weeks ago.
LONDON — Nickel prices rose on Thursday after a waste spill threatened to close a processing plant in Papua New Guinea, adding to fears of supply shortages.
Benchmark nickel on the London Metal Exchange (LME) ended up 2.3% at
$16,455, near a 16-month high of $16,690 reached three weeks ago.
The stainless steel ingredient has leaped 50% this year, rising
rapidly since July amid worries that top ore producer Indonesia could
ban exports earlier than expected, potentially disrupting the market.
The premium for cash nickel over the three-month contract on the LME
has spiked to a 10-year high of $95 a tonne, signaling tight nearby
supply. One party holds 50% to 80% of available LME inventories.
Now, a battery nickel processing plant owned by Metallurgical Corp of
China faces possible closure after it spilled mine waste into Papua New
Guinea’s Basamuk Bay.
Story continues below
“That brings to the forefront the ongoing supply concerns from some
of these (producer) countries,†BMO analyst Colin Hamilton said.
But he said the big premium for cash nickel on the LME likely showed
prices had risen too fast, rather than real shortages of material.
Strong output of nickel pig iron from China meant nickel should cost
closer to $13,500, he added.
CHINA: Factory activity in China is expected to have contracted for
the fourth straight month in August, dampening demand. China is the
world’s largest metals consumer.
TRADE WAR: Hopes for progress in a U.S.-China trade dispute that has
dented global economic growth hinge on whether Washington can create
favorable conditions, China’s commerce ministry said on Thursday.
U.S. GROWTH: The U.S. economy slowed in the second quarter, but the
strongest growth in consumer spending in 4-1/2 years and a strong labor
market could temper expectations of a recession.
YUAN: China’s yuan touched a new 11-1/2-year low, raising the cost of
dollar-priced metals for Chinese buyers and potentially weakening
demand.
NICKEL STOCKS: Headline inventories in LME-registered warehouses
slumped to a 6-1/2-year low of 141,906 tonnes this month before rising
slightly to 150,708 tonnes.
POSITIONING: Speculative investors held a net long position in LME
nickel equal to 19% of open contracts as of Tuesday, brokerage Marex
Spectron said.
The expansion of bets on higher prices leaves nickel vulnerable to a
correction if speculators change their minds, analysts at Commerzbank
said.
COPPER: Fresh cancellations of 24,425 tonnes took on-warrant copper
stocks available to the market in LME warehouses to 241,150 tonnes, down
from more than 300,000 tonnes earlier this month.
Benchmark copper finished up 0.6% at $5,726 a tonne.
OTHER METALS: LME aluminum closed 0.4% higher at $1,753, zinc rose
0.5% to $2,269, lead slipped 0.3% to $2,060 and tin gained 0.3% to
$15,795.
(Reporting by Peter Hobson; additional reporting by Mai Nguyen; Editing by Dale Hudson and Kirsten Donovan)
Posted by AGORACOM-JC
at 4:25 PM on Thursday, August 29th, 2019
SPONSOR: Esports Entertainment
$GMBL Esports audience is 350M, growing to 590M, Esports wagering is
projected at $23 BILLION by 2020. The company has launched VIE.gg
esports betting platform and has accelerated affiliate marketing
agreements with 190 Esports teams. Click here for more information
GMBL: OTCQB
———————–
Madden and Pizza Hut enter first-ever virtual stadium deal in esports
The Madden NFL
20 Championship series will be taking place at the newly unveiled Pizza
Hut Stadium. A move intended to further blur the lines between
traditional sports and esports.
Pizza Hut Stadium is the first-ever virtual stadium rights deal in history and all MCS live tournaments will be taking place at the new stadium.
“Pizza and sports go hand in hand, and esports is no exception. Pizza Hut has always been a trailblazer in the gaming space, from the days of tabletop Pac-Man in our restaurants, to now, becoming the first-ever brand to have an official virtual stadium rights deal in esports,†Pizza Hut CMO Marianne Radley said.
EA SPORTS
This is the first ever virtual esports stadium in esports.
He continued: “The goal of all our partnerships is to create 360 fan
engagement and we are thrilled to join forces with EA Sports to create
memorable experiences that connect fans to their favorite sports like
never before.â€
While the stadium is plastered with the Pizza Hut branding, that
doesn’t mean jerseys will be. Alex Nuñez, the esports Sponsorship Lead
at EA Sports told Dexerto: “The idea behind virtual stadium rights is to
develop an opportunity that’s in the image and in the essence of what
you would see in the actual NFL. So we wouldn’t want to stray from a
traditional NFL experience.
“We wanted to mirror what you had experienced if you were to go to an
actual NFL stadium where the concept of stadium rights already exists
and you’re used to seeing brands within the stadium. We’re trying to
create an extension of that in our world.â€
Dexerto asked Vida Mylson, the Sr. Director of Global Brand
Partnerships at EA Sports if there are plans for any other virtual
stadiums.
EA SPORTS
Pizza Hut Stadium will debut August 30.
“I think there’s always a possibility, I think from a bigger picture
perspective and overall for esports,†she said. “I’m not going to say
yes, I’m not going to say no, but obviously we’re definitely thinking a
little bit bigger as far as how we can innovate these offerings and
really lean into creating an experience for these brands within the
sports environment.â€
Mylson added that the partnership “validates the future of the Madden Championship Series as an NFL partner and property.
EA SPORTS
Pizza Hut stadium attempts to blur the lines between esports and traditonal sports.
“I think from a Pizza Hut perspective, as well as ours, it kind of
goes back to the idea of blurring the lines between the real world and
then the world of gaming and really creating that mirrored sponsorship
opportunity that they’re getting in the world of the NFL into a whole
new area of gaming.â€
Nuñez added: “This is such a great example of how a sponsor program
can bring value to the Madden competitive community, especially at the
professional tier.
“Now our professional players are playing in a virtual stadium rights
deal, Pizza Hut stadium. This was created for them and then a belief in
them that they are stars and eventually we become superstars of this
sport. And that’s just how we try to approach our sponsorship business
is not only bringing value to the brand but to the Madden community as
well.â€
EA SPORTS
The Madden series has been around since 1988.
The MCS kickoff and debut of Pizza Hut Stadium is August 30 at the
Madden NFL 20 Classic. The tournament is taking place at North America’s
largest esports facility – Esports Stadium Arlington.
$190,000 is on the line along with first and second place earning a spot in the Madden NFL 20 Bowl.
Posted by AGORACOM-JC
at 2:06 PM on Thursday, August 29th, 2019
Announced that they have obtained a final court order from the Ontario Superior Court of Justice approving the previously announced plan of arrangement under the Business Corporations Act (Ontario).
J55 will acquire all of Enthusiast’s issued and outstanding common shares by way of a plan of arrangement under the Business Corporations Act
TORONTO and VANCOUVER, British Columbia, Aug. 29, 2019 — Enthusiast Gaming Holdings Inc. (TSX-V: EGLX) (“Enthusiastâ€) and J55 Capital Corp. (TSX-V: FIVE.P) (“J55â€) are pleased to  announce that they have obtained a final court order from the Ontario Superior Court of Justice approving the previously announced plan of arrangement under the Business Corporations Act (Ontario). J55 will acquire all of Enthusiast’s issued and outstanding common shares by way of a plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement“).
Receipt of the final order follows the annual and special meeting of shareholders of Enthusiast (“Enthusiast Shareholdersâ€)
held on August 26, 2019, where Enthusiast Shareholders overwhelmingly
approved the Arrangement by a special resolution, and the annual and
special meeting of shareholders of J55 (“J55 Shareholdersâ€) held on August 26, 2019, where J55 Shareholders unanimously approved the Arrangement by a special resolution.
Pursuant
to the Arrangement, holders of common shares of Enthusiast will receive
4.22 post-First Consolidation (as defined in the joint management
information circular of J55 and Enthusiast dated July 23, 2019) common
shares of J55 for each common share of Enthusiast held.
Closing
of the Arrangement remains subject to the satisfaction or waiver of
other customary closing conditions, including final approval by the TSX
Venture Exchange. Subject to satisfaction of these closing conditions,
it is anticipated that the Arrangement will be completed in early
September, 2019.
Enthusiast’s stock expects to
be halted after markets today, Thursday August 29, 2019 pending the
closing of the merger transactions. Enthusiast’s stock is not expected
to resume trading as following the Arrangement, Enthusiast will become a
subsidiary of J55 and be delisted.
For further information regarding J55, please contact:
John Veltheer Chief Financial Officer, Secretary and Director Telephone: 604-562-6915 Email: [email protected]
For further information regarding Enthusiast, please contact:
Julia Becker Head of Investor Relations & Marketing Telephone: (604) 785-0850 Email: [email protected]
Forward-Looking Information
This
news release contains forward-looking statements. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements
of J55 or Enthusiast Gaming to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Forward-looking statements in this news
release include, but are not limited to: statements with respect to the
completion of the Arrangement and the timing for its completion; the
satisfaction of closing conditions which include, without limitation (i)
certain termination rights available to the parties under the
Arrangement Agreement, (ii) J55 obtaining the necessary approvals from
the TSX-V for the listing of its common shares, (iii) Enthusiast Gaming
receiving approval for the delisting of its shares on the TSX-V, and
(iv) other closing conditions, including compliance by J55 and
Enthusiast Gaming with various covenants contained in the Arrangement
Agreement. Often, but not always, forward-looking statements can be
identified by the use of words such as “plansâ€, “expects†or “does not
expectâ€, “is expectedâ€, “estimatesâ€, “intendsâ€, “anticipates†or “does
not anticipateâ€, or “believesâ€, or variations of such words and phrases
or state that certain actions, events or results “mayâ€, “couldâ€,
“wouldâ€, “might†or “will†be taken, occur or be achieved. Accordingly,
readers should not place undue reliance on the forward-looking
statements and information contained in this press release. Since
forward-looking statements and information address future events and
conditions, by their very nature they involve inherent risks and
uncertainties.
Actual results could differ
materially from those currently anticipated due to a number of factors
and risks. Readers are cautioned that the foregoing list of factors is
not exhaustive. The forward-looking statements contained in this news
release are made as of the date of this release and, accordingly, are
subject to change after such date.
J55 and
Enthusiast Gaming do not assume any 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 TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Posted by AGORACOM-JC
at 10:29 AM on Thursday, August 29th, 2019
SPONSOR: Betteru Education Corp.
aims to provide access to quality education from around the world. The
Company plans to bridge the prevailing gap in the education and job
industry and enhance the lives of its prospective learners by developing
an integrated ecosystem. Click here for more information.
BTRU: TSX-V
Vedantu secures $42M funding led by Tiger Global & WestBridge Capital
The investment will enable Vedantu to popularize its online live tutoring sessions in small towns and cities across the country.
Vedantu’s current goal is to boost activations from tier 2 and beyond cities, aided by lowering the average price of its live tutoring classes
ETtech
Edtech platform Vedantu has raised $42 million in fresh funding, led by New York-based Tiger Global Management and WestBridge Capital.
The investment will enable Vedantu to popularize its online live
tutoring sessions in small towns and cities across the country.
Existing
investors Accel, Omidyar India and TAL Education also participated in
the round, along with Prince Maximilian of Liechtenstein who is also the
CEO of banking and asset management firm LGT group.
“Majority of
this fund we are planning to deploy into building awareness about this
category and our brand. Investments into our technology and platform
will be the second pillar enabled by this round,†said Vamsi Krishna,
cofounder and CEO.
Vedantu claims 15 million users access free
content on its platform, while 150,000 pay for its live tutoring
programme. The company said it currently recuperates the cost of
acquiring a customer within a year, and is hoping that users extending
their subscriptions over many years will drive profits.
The
company’s current goal is to boost activations from tier 2 and beyond
cities, aided by lowering the average price of its live tutoring
classes, Krishna said. Almost 80% of users who access Vedantu’s free
content are from tier 2 and smaller cities, while 55% of its paid users
are in small towns.
“Vedantu has been the first to reimagine the concept of
tutorials in the country and create an exponential shift towards the
online LIVE Tutoring model. Vamsi and team are extremely focused on
improving the educational outcomes of students using their unique online
offering,†said Anand Daniel, partner at Accel Partners.
Including
the latest funding, Vedantu has raised $58 million in total across
three funding rounds. The investment comes at a time when India’s
ed-tech space is seeing traction, with giants such as Byju’s achieving a
valuation of $5.4 billion in its latest round.
Posted by AGORACOM-JC
at 10:16 AM on Thursday, August 29th, 2019
SPONSOR: Spyder Cannabis (SPDR:TSXV)
went public just a couple of months ago and hit the ground running
with 5 operating Canadian retail locations – and a 6th one on the way
via an 8,000 sq ft super store in Alberta. Most companies would be
ecstatic to have this number of locations – but Spyder just announced a
major move into the United States, with a 5 location deal for boutique
stores up and down the US Eastern seaboard. The news gets better. If
all goes well with these 5 locations, the US outlet partner has a total
of 39 locations across 20 states for Spyder to grow into to. Click here for more info.
(TSX-V: SPDR)
Alberta squeaks out title as Canada’s top cannabis market with $123.6M sold
Ontario, Quebec not far behind in new data showing sales since legalization
Gord Nichol shows off some of the products he bought inside RELM
Cannabis Co., in Burlington, Ont. on April 1. Alberta narrowly squeaked
out as Canada’s top cannabis market, surpassing Ontario by a matter of a
few million. (Dan Taekema/CBC)
Albertans pull out their wallets for legal weed more often than other Canadians, new data shows.
Statistics Canada has published new information on the amount sold at cannabis store across the country, from legalization in October 2018 to June 2019.
The sales data shows that Alberta comes out as the top legal cannabis market in Canada, with more than $123.6 million in sales.
Alberta narrowly squeaked into the top spot with Ontario close behind at $121.6 million, followed by Quebec at $119.2 million.
‘Best job of any province,’ retailer says
Alberta’s quick pick-up in the cannabis market can be attributed to
the province’s regulator — Alberta Gaming Liquor and Cannabis (AGLC)
— argues Darren Bondar, who runs a national chain of cannabis stores out
of Calgary.
“Alberta and the AGLC have done the best job of any province in the country,” the Spirit Leaf CEO said.
He notes AGLC had experience with private liquor stores, which helped
them co-ordinate the opening of 275 private cannabis vendors.
The province also runs a public website that sells and mails out cannabis products.
Ontario may soon surpass Alberta in sales, however. The province was
slow in getting stores open but expects to see another 50 open this
fall.
Another of Canada’s most populous provinces, British Columbia, saw
slow sales, coming ninth on the list. Smaller provinces of Nova Scotia
and New Brunswick, saw more money spent.
Canada’s first cannabis competition
Alberta can also boast the country’s first legal cannabis competition
when Hempfest Expo opens this October in Calgary. A big draw for other
international cannabis hotspots, like Colorado and Amsterdam,
expectations for Hempfest Cup are high.
The competition runs Oct. 11-12 at Stampede Park, and will boast
entries from big and little growers alike — even Canadians who are
(legally) growing plants in their homes or yards. Registration for the
event closes Sept. 12.
Posted by AGORACOM-JC
at 7:39 AM on Thursday, August 29th, 2019
Entered into a purchase agreement with an arm’s length third party to acquire the Vendor’s interest in a development permit issued by the City of Calgary for the operation of a retail cannabis store and an assignment of the leased attached to such Development Permit
Vaughan, Ontario–(August 29, 2019) – Spyder Cannabis Inc. (TSXV: SPDR) (“Spyder” or the “Company“), an established Ontario retail operator, is pleased to announced it has entered into a purchase agreement (the “Agreement“) with an arm’s length third party (the “Vendor“) to acquire the Vendor’s interest in a development permit issued by the City of Calgary for the operation of a retail cannabis store (the “Development Permit“) and an assignment of the leased attached to such Development Permit (the “Lease Assignment“; together with the Development Permit, the “DP Assets“).
Pursuant to the Agreement, the purchase price for the DP Assets will
be $175,000, which will be payable through the issuance of 3,000,000
common shares of Spyder (“Spyder Shares“) at a deemed
price of $0.0583 per share. The closing of the transactions contemplated
by the Agreement is subject to the satisfaction of a number of
conditions, including, but not limited to, receipt of all required
regulatory approvals including the approval of the TSX Venture Exchange,
the Company’s satisfaction of its due diligence results, inspections
and investigations and obtaining landlord’s consent to the Lease
Assignment.
About Spyder
Founded in 2014 Spyder is an established chain of three high-end vape
stores in Ontario, with stores located in Woodbridge, Scarborough and
Burlington. The Spyder brand is defined by its high-quality proprietary
line of e-juice, liquids and exclusive retail deals, dispensed in
uniquely designed stores creating the optimal customer experience.
Spyder is building off this leading retail, distribution and branding
eCig and vapes company and is pursuing expansion into the legal cannabis
market. Spyder has developed a scalable retail model with aggressive
expansion plan to create a significant retail footprint with targeted
and disciplined retail distribution strategy focusing on Canadian
locations in high traffic peripheral areas.
Cautionary Statements
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future events or
future performance. The use of any of the words “could”, “intend”,
“expect”, “believe”, “will”, “projected”, “estimated” and similar
expressions and statements relating to matters that are not historical
facts are intended to identify forward-looking information and are based
on the Company’s current belief or assumptions as to the outcome and
timing of such future events. Actual future results may differ
materially. In particular, this release contains forward-looking
information relating to the satisfaction of the closing conditions
contemplated under the Agreement. Various assumptions or factors are
typically applied in drawing conclusions or making the forecasts or
projections set out in forward-looking information. Those assumptions
and factors are based on information currently available to the Company.
Risk factors that could cause actual results or outcomes to differ
materially from the results expressed or implied by forward-looking
information include, among other things: the TSX Venture Exchange
declining to accept the transaction, the landlord not consenting to the
Lease Assginment, changes in tax laws, general economic and business
conditions; and changes in the regulatory regulation. The Company
cautions the reader that the above list of risk factors is not
exhaustive. The forward-looking information contained in this release is
made as of the date hereof and the Company is not obligated to update
or revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue reliance
on forward-looking information. The foregoing statements expressly
qualify any forward-looking information contained herein.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
For more information, please contact:
Spyder Cannabis Inc. Dan Pelchovitz President & Chief Executive Officer Telephone: (905) 265-8273 Email: [email protected]
