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Rivalry Corp. Satisfies Escrow Release Conditions Ahead of Listing on the TSX Venture Exchange
TORONTO, Sept. 24, 2021 (GLOBE NEWSWIRE) — Rivalry Corp. (formerly, “PMML Corp.”) (the “Company”) is pleased to announce that it has satisfied the escrow release conditions (the “Escrow Release Conditions”) in connection with its previously announced offering (the “Offering”) of subscription receipts (the “Subscription Receipts”) pursuant to which the Company issued 37,814,655 Subscription Receipts at a price of USD$0.58 per Subscription Receipt for aggregate gross proceeds of approximately USD$22,000,000 (the “Subscription Receipt Offering”). The Company delivered an escrow release notice (the “Escrow Release Notice”) to Odyssey Trust Company (the “Subscription Receipt Agent”) pursuant to the terms of a subscription receipt agreement dated June 9, 2021 between the Company, the Subscription Receipt Agent, Eight Capital and Cormark Securities Inc. (the “Subscription Receipt Agreement”) confirming that the Company has satisfied the Escrow Release Conditions, including (i) being issued a receipt for its final (long-form) prospectus dated September 17, 2021 (the “Prospectus”); (ii) obtaining all requisite corporate, shareholder and regulatory approvals in connection with the listing of its subordinate voting shares (the “Subordinate Voting Shares”) on the TSX Venture Exchange (the “TSXV”); and (iii) obtaining conditional approval from the TSXV for the listing of the Subordinate Voting Shares.
In connection with the delivery of the Escrow Release Notice, the escrowed funds held by the Subscription Receipt Agent, less certain commissions and expenses, have been released from escrow to the Company.
Meeting of Shareholders
On September 20, 2021, the Company held its annual and special meeting of shareholders (the “Meeting”). At the Meeting, the Shareholders approved (among other matters):
- a change of the Company’s name from “PMML Corp.” to “Rivalry Corp.” (the “Name Change”);
- a consolidation of the Company’s issued and outstanding shares at a ratio to be determined by the board of directors of the Company (the “Board”); and
- a reorganization of the Company’s share capital whereby each common share of the Company was reclassified as a Subordinate Voting Share and each Class A share of the Company was reclassified as a multiple voting share (the “Multiple Voting Shares”) with each Multiple Voting Share carrying 100 votes per share (the “Reorganization”).
Following the Meeting, the Board approved a consolidation ratio of 4.5 pre-consolidation shares for every one post-consolidation share (the “Consolidation”).
On September 21, 2021, the Company filed articles of amendment to give effect to the Name Change, Consolidation and Reorganization. A copy of the articles of amendment are available under the Company’s issuer profile on SEDAR at www.sedar.com.
Conversion of the Subscription Receipts and Compensation Options
In connection with the delivery of the Escrow Release Notice, 37,814,655 Subscription Receipts were automatically converted, without any further consideration or action by the holders thereof, into 8,403,242 Subordinate Voting Shares (after taking into account the Consolidation and the Reorganization). In connection with the Offering, the Company also issued an aggregate of 1,886,566 compensation options (the “Compensation Options”) to the Agents (as defined below), which upon the delivery of the Escrow Release Notice were automatically converted, without any further consideration or action by the holders thereof, into an aggregate of 419,235 compensation warrants (the “Compensation Warrants”) with each Compensation Warrant entitling the holder thereof to acquire one Subordinate Voting Share at an exercise price of USD $2.61 until March 23, 2023.
The Subscription Receipt Offering was completed by a syndicate of agents co-led by Eight Capital and Cormark Securities Inc. together with Canaccord Genuity Corp and M Partners Inc. (the “Agents”).
Listing of the Shares on the TSXV
As previously announced, the Company has received conditional approval from the TSXV for the listing of the Subordinate Voting Shares and expects the Subordinate Voting Shares to commence trading on the TSXV under the stock symbol “RVLY” at market open on or about October 5, 2021. Listing is subject to the Company fulfilling all listing requirements of the TSXV.
About Rivalry Corp.
Rivalry Corp. wholly owns and operates Rivalry Limited, a leading sport betting and sports media property offering fully regulated online wagering on esports, traditional sports, and casino for the next generation of bettors. Rivalry Limited currently holds an Isle of Man license, considered one of the premier online gambling jurisdictions. Based in Toronto, Rivalry operates a global team in more than 18 countries and growing. Rivalry Limited was granted its Isle of Man license in early 2018, officially launching in August of that year, and the Company is currently in the process of obtaining additional country licenses. The Company also has a variety of originally developed products, including Quest, a gamified on-site betting experience, and an original casino game called Rushlane that offers both B2C and B2B opportunities. For more information, visit https://www.pmmlcorp.com/.
Company Contact:
Steven Salz, CEO
[email protected]
Media Contact:
Brandstyle Communications
Kell Cholko / [email protected]
484.797.2014
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking information in this news release includes, but is not limited to, statements relating to the listing of the Subordinate Voting Shares on the TSXV. Forward-looking statements are based on the opinions and estimates of management of PMML at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include: regulatory and other approvals or consents; fluctuations in general macroeconomic conditions; fluctuations in securities markets; the impact of the COVID-19 pandemic; the ability of the Company to successfully achieve its business objectives and political and social uncertainties. No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Additional information regarding risks and uncertainties relating to the Company’s business are contained under the heading “Risk Factors” in the Prospectus filed on its issuer profile on SEDAR at www.sedar.com. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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The post Amusnet Sponsors the Most Traded NFT Collection at the Ortak x B.F.T.H. Arena Awards 2025 appeared first on European Gaming Industry News.
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The post Premier Bet Announces Francis Ngannou as its Pan-African Brand Ambassador appeared first on European Gaming Industry News.
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The post REEVO Welcomes MEGAFAIR to its Growing Aggregation Network appeared first on European Gaming Industry News.
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