LEAF Mobile Inc (TSX:LEAF, OTCQB:LEMLF) has told investors that it will proceed with a change of its trade name to East Side Games Group, accompanied by a trading symbol change to EAGR on the TSX.
The smartphone games group also announced the appointment of Jason Bailey as executive chair of its board of directors and the filing of a preliminary base shelf prospectus.
"We've been working on this change for some time, and it represents a change in our trade name; not our purpose, our vision, our structure, or how we operate and it comes at an exciting time in the company's growth as we ramp our launch slate of new games and further scale our Game Kit partners," the company’s CEO Darcy Taylor said in a statement.
"East Side Games has built an awareness across the mobile game industry over the past ten years as one of the leaders in the casual games space since the founding of the studio in 2011. We see this change as an opportunity to build on this heritage and as a simplification of our brand to maximise shareholder value,” he added.
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As part of the transition, LEAF said Bailey, its chief revenue officer and a board director, has replaced Michael Edwards as its chair. Edwards will remain as a director on the board, it added.
"Since the founding of East Side Games over 10 years ago, we've worked hard to establish ourselves as a voice for underserved audiences and as a builder of engaging content,” Bailey said. “This commitment hasn't changed as we continue to grow our brand internationally and cement our reputation as not only a game developer, but also as a publisher, and a provider of innovative platforms for developers. I have never been more excited about our growth prospects, as we build on the vision and legacy of East Side Games to reflect our journey and who we are as a company.”
In addition, LEAF said it has filed a preliminary short-form base shelf prospectus with the securities commissions in each Canadian provide except for Quebec to provide it with greater financial flexibility going forward. When made final or effective, it said the preliminary shelf prospectus will allow it to undertake offerings of its common shares, warrants, debt securities, subscription receipts and units, or any combination thereof, up to an aggregate total of $200 million from time to time during the 25 months that the final short form base shelf prospectus remains effective.
LEAF said it plans to seek approval to formally change its legal name at the next meeting of its shareholders. Until then, it said its legal name will remain as LEAF Mobile, doing business as East Side Games Group. Trading of its common shares under the new symbol EAGR takes effect on the TSX on December 8, 2021, it added.
East Side Games Group is a leading free-to-play mobile game group, creating engaging games that produce enduring player loyalty. The company's studio group's entrepreneurial culture is anchored in creativity, execution, and growth through licensing of its proprietary Game kit software platform that enables professional game developers to greatly increase the efficiency and effectiveness of game creation.
In addition it is seeking organic growth through a diverse portfolio of original and licensed IP mobile games that include: Archer: Danger Phone, Bud Farm Idle Tycoon, Cheech and Chong Bud Farm, The Goldbergs: Back to the 80s, It's Always Sunny: The Gang Goes Mobile and Trailer Park Boys Grea$y Money, RuPaul's Drag Race Superstar and the soon to be released, The Office: Somehow We Manage.
Contact the author at stephen.gunnion@proactiveinvestors.com