New Wave Holdings Corp. (CNSX:SPOR) entered into a letter of intent to acquire Way of Will Inc. for CAD 4.6 million on December 15, 2020. New Wave Holdings Corp. entered into a share exchange agreement to acquire Way of Will Inc. for CAD 5.9 million on December 18, 2020. Pursuant to the letter of intent, New Wave will issue approximately CAD 4.6 million in common shares to the shareholders of Way of Will. Pursuant to the terms of the Definitive Agreement, in consideration for the proposed transaction and upon closing thereof, New Wave Holdings Corp. will issue an aggregate of 28,190,725 common shares to the shareholders of WoW at a deemed price of CAD 0.1718 per Consideration Share, which deemed price represents the 5 day VWAP leading up to the signing of the Definitive Agreement. There is no hold period for the Consideration Shares pursuant to applicable securities laws, however, 19,353,900 Consideration Shares are subject to voluntary hold periods ranging from four to twelve months from the Closing Date. The parties intend to proceed to preparation of a definitive agreement and close the transaction promptly and in accordance with the policies of the Canadian Securities Exchange.

New Wave Holdings Corp. (CNSX:SPOR) completed the acquisition of Way of Will Inc. on December 23, 2020. For the year ended April 30, 2020, Way of Will reported total assets of CAD 1.4 million, revenue of CAD 2 million and net loss of CAD 0.5 million. Upon completion of the transaction, New Wave Holdings Corp will not change its management and board of directors.