Waves e-gaming Inc.

Waves e-gaming Inc. is subject to a court-appointed receivership before the Ontario Superior Court of Justice under BIA s. 243, court file 31-458838, and the proceeding remains active. Amuka Ventures Inc. ranks as first secured creditor under a general security agreement over all present and after-acquired personal property and undertaking of Waves, updated December 1, 2019, taken by assignment of security originally granted to RBC on May 29, 2018 in respect of a Facility #1 term facility with original principal of $321,300, supported by personal guarantees from company principals. Amuka's demand letter and accompanying Form 86 notice of intention to enforce security, both dated December 9, 2019, put the secured indebtedness at $348,800 as at that date, with interest at 6.00%. DECL Limited, an equipment lessor, holds a PPSA registration subordinate to the RBC registration later assigned to Amuka; no amount owing to DECL is stated. A First Report dated February 19, 2020 described the secured debt as in excess of $370,000.