Trueclaim Exploration Inc. said March 15 that it signed a letter of intent to acquire privately held New Wave Holdings Corp. via a reverse takeover.

New Wave is an esports and gaming investment company with offices in the U.S. and Canada.

The transaction would see Trueclaim exchange 1 share for each New Wave share held at a deemed price of 10 Canadian cents, resulting in New Wave shareholders owning about 45.77% of the merged entity.

As part of the proposed deal, Trueclaim will transfer its listing to the Canadian Securities Exchange from the TSX Venture Exchange.

The company expects to close the transaction in summer 2019.

Trueclaim is seeking new opportunities to enhance shareholder value after it relinquished its option on the Berry-Desboues and Hebecourt projects, and sold its interests in the Scadding and Richmond Basin properties in 2018.