PopReach Corp. (POPR:TSX.V), a free-to-play focused game publisher and developer, through an amalgamation with Mithrandir Capital Corp., will begin trading on the TSX Venture Exchange under the symbol POPR on Wednesday, July 8.
PopReach focuses on acquiring and optimizing proven game franchises and currently owns and operates popular game franchises including Smurf's Village, Kitchen Scramble, War of Nations, Gardens of Time and Kingdoms of Camelot. The company states that millions of active users around the world play its games. The company features more than 150 game makers, based in Toronto and Bangalore.
At a Feb. 12, 2020, meeting, shareholders "approved a special resolution approving the company's capital consolidation on the basis of one postconsolidation share for eight preconsolidation shares and a special resolution approving the company's name change."
Mithrandir Capital Corp. reported that it acquired all of the issued and outstanding shares of PopReach Inc. by way of a "three-cornered amalgamation of PopReach and a wholly owned subsidiary of the company, and issued 48,233,937 postconsolidated common shares in the capital of the company to the shareholders of PopReach." Shareholders of PopReach exchanged their common shares in the capital of PopReach at an exchange ratio of 7.62 resulting issuer shares for every PopReach share held.
PopReach's convertible debentures were converted into 1,016,536 PopReach shares and 1,016,536 warrants to acquire PopReach shares.
The company noted that prior to the closing of the transaction, it completed a consolidation of its common shares on the basis of one postconsolidation common share for eight preconsolidation common shares in the capital of the company.
The company's name has changed to PopReach, and it is classified as a Tier 1 issuer.[NLINSERT]
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