VANCOUVER, British Columbia–(BUSINESS WIRE)–NFT Technologies Inc. (NEO: NFT | OTC Pink: NFTFF | FRA: 8LO) (the “Company” or “NFT Tech”), a leading technology company that partners with top-tier brands to accelerate their entry into the web3 world through innovative technologies and unparalleled creativity, is pleased to announce a non-brokered private placement of units (“Units”) for gross proceeds of up to C$2 000,000 (the “Offering”) through the sale of up to 13,333,333 Units at a price of $0.15 per Unit (the “Private Placement”). The private placement is expected to close on or about October 5, 2022 (the “Closing Date”).
Each Share consists of one Class A voting ordinary share of no par value in the capital of NFT Tech (“Shares”) and a purchase warrant (a “Warrant”) to purchase one ordinary share (“Warrant Shares”). Each warrant is exercisable at any time for a period of two years from the date such warrants are issued and at a price of $0.30 per share, with the warrants to be governed by the terms of a warrant agency agreement between NFT Tech and Odyssey Trust Company, which warrant agent. Pursuant to the warrant agreement, if the volume-weighted average price of the stock over 10 consecutive days trades on the NEO exchange at or above $0.60, the issuer has the option to accelerate the expiration date of the warrants to a date that is 30 days from the date of written notice in form of a press release or other form of notice permitted. The offer is not subject to a minimum amount of funds. The net proceeds from the Offering are intended to be used to finance the cash portion of the purchase price for the company’s previously announced acquisition of Run It Wild and for general working capital purposes.
The issued and outstanding common shares of NFT Tech are listed for trading on the NEO Exchange under the ticker symbol “NFT”; on the Frankfurt Stock Exchange in Germany, under the symbol “8LO”; and on OTCPINK in the United States under the symbol “NFTFF”. The shares, warrants and underlying warrant shares shall be subject to a statutory holding period in Canada which extends to four months and one day after the End Date.
The Shares will be offered for sale by private placement pursuant to applicable exemptions from prospectus requirements in all provinces of Canada, pursuant to available exemptions from registration requirements under the United States Securities Act of 1933, as amended, in the United States and in other jurisdictions outside of Canada and the United States , provided it is understood that no prospectus filing or similar obligation arises in such other jurisdiction.
About NFT Tech
NFT Tech works to develop infrastructure, assets, real estate and IP in the metaverse, build and monetize web3 games and assets, and bring insights and benefits to the public markets. By bridging the gap between traditional capital markets and the Web3 space, NFT Tech is mainstreaming decentralized ownership, NFTs and the metaverse.
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Warning regarding forward-looking information
This press release contains certain forward-looking statements within the meaning of applicable securities legislation with respect to the Company. These forward-looking statements are generally identified by words such as “believe”, “project”, “expect”, “anticipate”, “estimate”, “intend”, “strategy”, “future”, “opportunity”, “plan”. ,” “may,” “should,” “will,” “would” and similar expressions. Forward-looking statements in this press release include statements related to the closing of the private placement; potential benefits and requirements of direct-to-consumer NFT projects; potential benefits , development and acceptance of web3 and related applications; continued employment of Run It Wild employees and the value of their experience; plans to accelerate growth; and continued public acceptance of NFTs. Although the Company believes that such forward-looking expectations and assumptions statements and information are based on are reasonable, you should not rely on the forward-looking statements and information because the company can give no guarantee that they will prove to be correct. Since forward-looking statements and information deal with future events and conditions, they imply in itself inherent risks and uncertainties Many factors can cause actual future events to deviate significantly from those mcorrected the statements in this press release, including, without limitation, the risk factors described in the prospectus. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this press release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this press release are made as of the date hereof, and the Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required to do so. of applicable laws.
No securities supervisory authority has either approved or rejected the content of this press release. Neo Exchange has not reviewed or approved this press release for the adequacy or accuracy of its content.
This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The Securities have not been and will not be registered under the US Securities Act of 1933 (the “US Securities Act”) or any state securities laws and may not be offered or sold in the United States or to US persons (as defined in the Regulation). S under the US Securities Act) unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.
