TORONTO, April 11, 2018 (GLOBE NEWSWIRE) -- Millennial Esports Corp. ("Millennial" or the "Company"), (TSX VENTURE:GAME), (OTCQB:MLLLF), a mobile video game publisher focused on Esports and Racing, today announced its intention to proceed with a consolidation of its issued and outstanding common shares on the basis of one (1) post-consolidation common share for up to a maximum of fifteen (15) pre-consolidation common shares or such other consolidation ratio that the board of directors (the "Board") of the Company deems appropriate provided that such ratio shall not be greater than one (1) post-Consolidation common share for up to a maximum of fifteen (15) pre-Consolidation common shares (the "Consolidation").
The Board believes that the Consolidation is in the best interests of shareholders and is seeking their approval because the Board believes that the Consolidation could heighten the interest of the financial community and potentially broaden the pool of investors that may consider investing or be able to invest in the Company by increasing the trading price of its common shares. The Consolidation could also help attract institutional investors who have internal policies that either prohibit them from purchasing stocks below a certain minimum price or tend to discourage individual brokers from recommending such stocks to their customers.
Currently, a total of 144,518,317 common shares of the Company are issued and outstanding and after the Consolidation, the Company would have approximately 9,634,554 issued and outstanding common shares assuming the maximum consolidation ratio of one (1) post-consolidation common share for fifteen (15) pre-consolidation common shares, subject to the treatment of post-Consolidation fractional shares. Under the terms of the proposed Consolidation, no fractional shares will be issued as a result of the Consolidation as any fractional shares created by the Consolidation will be rounded up or down to the nearest whole number.
The Consolidation requires shareholder approval by way of a special resolution and the Company has scheduled a meeting of its shareholders on May 11, 2018.
The Company will obtain a new CUSIP number for the Company's common shares to distinguish between pre-Consolidation common shares and post-Consolidation common shares. The Company anticipates its current name and trading symbol will remain unchanged.
The Consolidation is also subject to receipt of TSX Venture Exchange approval.
About Millennial Esports Corp.
Millennial Esports Corp. (MEC) is a vertically integrated mobile gaming publisher leading a revolution to fuse Esports Racing and professional motorsport through a global competition model. MEC is utilizing its gaming franchises and IP to engage millions of new players. Combined with its virtual and live tournament platforms, gaming analytics capability, and motorsport IP (including World’s Fastest Gamer) MEC is uniquely positioned to become the market leader in Esport Racing.
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Media Contact:
Gavin Davidson
Director, Communication Strategy
705.446.6630
gavin.davidson@millennialesports.com
Investor Contacts:
Manish Grigo
Investor Relations
416.569.3292
manish.grigo@millennialesports.com
Alex Igelman
CEO and Director
647.346.1888
alex.igelman@millennialesports.com