Elephant Hill Files Filing Statement Regarding Its Proposed Qualifying Transaction

Calgary, Alberta--(Newsfile Corp. - December 1, 2020) - Elephant Hill Capital Inc. (TSVX: EH.P) (the "Corporation" or "Elephant Hill"), a capital pool company listed on the TSX Venture Exchange (the "Exchange") is pleased to announce that it has received conditional acceptance from the Exchange for its proposed Qualifying Transaction with Esports Limited, a private company doing business as "Luckbox". Closing of the transaction is expected to occur on December 4, 2020. Upon closing, Esports Limited will amalgamate with a subsidiary of Elephant Hill to become a wholly owned subsidiary of Elephant Hill.

The Qualifying Transaction and the listing of the common shares on the Exchange are subject to final approval of the Exchange pursuant to TSXV Policy 2.4 Capital Pool Companies.

The Corporation's Filing Statement dated November 27, 2020, was filed on November 30, 2020, and is available on the SEDAR profile for Elephant Hill at www.sedar.com. The Filing Statement includes revised and updated disclosure of the securities of the Resulting Issuer to be issued and outstanding following the completion of the proposed Qualifying Transaction that were released in the Corporation's press release dated November 4, 2020, and readers should refer to the final version of the Filing Statement filed on SEDAR.

Investors are cautioned that, except as disclosed in the filing statement prepared in connection with the proposed Qualifying Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Qualifying Transaction and has neither approved nor disapproved the contents of this press release.

For further information, please contact:

Elephant Hill Capital Inc.
Mohammad Fazil, President, Chief Executive Officer, Director
Email: mfazil@lionparkcapital.com
Phone: (403) 613-7310

ESports Limited
Quentin Martin, Chief Executive Officer
Email: quentin@luckbox.com
Phone: (+44) 7498 181 863

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Cautionary Note Regarding Forward-Looking Statements: This news release contains forward-looking statements relating to the closing of the proposed Qualifying Transaction and the listing of the Common Shares on the Exchange. There is no assurance that the proposed Qualifying Transaction will be completed in the time estimated or at all. These forward looking statements involve risks and uncertainties. Events or circumstances may cause actual results to differ materially from those anticipated as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Corporation. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and Management of the Corporation disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/69317