Technology
Wednesday, April 3rd, 2024 3:07 pm EDT
Key Points
- VIP Entertainment Technologies Inc. has successfully closed its non-brokered private placement, issuing 11,865,000 units at a price of $0.05 per unit, resulting in aggregate gross proceeds of $593,250, pending TSX Venture Exchange approval.
- Each unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant exercisable at $0.10 per share for 18 months following the closing date. The warrants will not be listed for trading.
- A portion of the units, totaling 5,043,000, were issued under a listed issuer financing exemption and are not subject to a hold period, while the remaining 6,822,000 units are subject to a statutory four-month hold period. The net proceeds from the offering will be used for the expansion of VIP’s existing business and general working capital purposes.
VIP Entertainment Technologies Inc. (TSXV: VIP, OTC: VETIF) (“VIP” or the “Company”) is pleased to announce that it has closed its previously announced non-brokered private placement (the “Offering“). Pursuant to the Offering, the Company issued 11,865,000 units (“Units“) at a price of $0.05 per Unit for aggregate gross proceeds of $593,250, subject to approval of the TSX Venture Exchange (“TSXV“).
Each Unit will comprise of one common share (“Common Share”) of the Company and one-half of one Common Share purchase warrant (a “Warrant“). Each whole Warrant will entitle the holder thereof to acquire one Common Share of the Company at a price of $0.10 per Common Share at any time during the period of 18 months from the date of closing of the Offering. The Company does not intend to list the warrants for trading.
5,043,000 of the Units issued under the Offering is being completed pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions (“NI 45-106“), and accordingly, the securities issued under that exemption are not subject to a hold period in accordance with applicable Canadian securities laws. The remaining 6,822,000 Units is being completed under the appropriate exemptions in NI 45-106 and shall be subject to a statutory four month hold period which expires on August 3, 2024.
VIP intends to use the net proceeds raised under the Offering as disclosed in the amended and restated Offering Document related to this Offering, including for expansion of its existing business and general working capital. The Offering Document can be accessed under the Company’s profile at www.sedarplus.ca and on the Company’s website at https://vipentertaingroup.com/.
The securities issued pursuant to the Offering have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
About VIP Entertainment Technologies Inc.
VIP delivers sports betting, casino games and poker through its VIP Bets platform. In addition, it has recently launched its Free to Play platform, VIPFree2Play, which offers engagement and entertainment tools to users around the world. The Company is focused on a growth through affiliate relationship and networking strategy to increase its core business while keeping its cost of player acquisition at industry low levels. By acquiring customers efficiently and cheaply VIP will be able to keep costs down and margins high. Since 2016, VIP has handled approximately $150,000,000 in wagers through its licensed online gaming services.
For further information please visit www.vipentertaingroup.com or contact:
Randy Jennings – Chief Executive Officer
+1-403-899-9319
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
