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VANCOUVER, British Columbia, February 22, 2021 (GLOBE NEWSWIRE) – Victory Square Technologies Inc. (“Victory place“) (CSE: VST) (OTC: VSQTF) (FWB: 6F6) is pleased to announce that the portfolio company GameOn Entertainment Technologies Inc. (“) responds to its press release dated February 22, 2021Continue to play”) Has the size of its previously announced unbroken private placement (the“SR offer“) From subscription receipts from GameOn (“Subscription receipts”) From USD 1.5 million to USD 3 million due to strong investor demand. Each subscription receipt is sold at a price of $ 0.35 and is subject to a subscription receipt agreement entered into between GameOn and an escrow agent to be appointed by GameOn on or before the closing date of the SR offering.SR agreement”).
In accordance with the SR agreement, each subscription receipt is automatically converted into a GameOn unit without any further action on the part of the holder (each a “SR unit“) After certain conditions for the release of escrow accounts (the”Escrow release terms“) Including obtaining conditional approval from GameOn regarding the listing of GameOn’s common stock (“Continue to play Shares“) On the Canadian Stock Exchange (the”CSE”) And the receipt of a definitive prospectus in the province of British Columbia in connection with the definitive prospectus from GameOn. If the escrow release conditions are not met by May 31, 2021, the proceeds of the SR offer will be refunded to the subscribers.
Each SR unit consists of one GameOn share and half of a GameOn share purchase warrant (each entire warrant is a “SR Warrant”). Each SR warrant entitles the holder to purchase one additional GameOn share at a price of $ 0.52 for a period of 24 months after the completion of GameOn’s IPO. GameOn can accelerate the expiry date of the SR warrants to 30 days after the publication of a press release by GameOn that accelerates the expiry date of the SR warrants if the closing price of the GameOn shares is on the CSE or an equivalent exchange on which the GameOn shares are held traded, published is equal to or greater than $ 0.78 per GameOn Share for a period of ten (10) consecutive trading days.
GameOn intends to use the net proceeds of the SR offering to fund acquisitions, investments in organic growth, and general working capital purposes. The finder fees can be paid to authorized finders in accordance with the guidelines of the CSE, which consist of a cash commission of up to 6% of the gross proceeds from the SR offer and finder warrants (“Finder warrants”) Up to 6% of the number of Subscription Receipts sold under the SR Offer. Each Finder Warrant has the same terms as the SR Warrants.
Completion of the SR Offering is subject to customary closing conditions including, but not limited to, receipt of all necessary regulatory approvals. The securities offered in the private placement will be issued subject to the exemptions available to the prospectus requirements under applicable securities laws and will be subject to a holding period that expires four months and one day from the following date: (i) the date of and (ii) the date on which GameOn becomes a reporting issuer in a jurisdiction in Canada.
For more information, please contact Alexandros Tzilios at firstname.lastname@example.org.
About GameOn Entertainment Technologies Inc.
GameOn was founded in 2018 and offers sports and entertainment content providers the world’s easiest and most accessible gamification platform. Regardless of whether TVO networks, OTT platforms, sports betting or leagues are supported, GameOn helps partners convert their content, from sports to reality TV, via mobile and TV apps into interactive and social experiences.
About Victory Square Technologies Inc.
Victory Square builds, acquires, and invests in promising startups, then provides the leadership and resources necessary to grow rapidly. Victory Square’s sweet spot is the cutting edge technology shaping the fourth industrial revolution. The portfolio consists of 20 global companies using artificial intelligence, virtual / augmented reality and blockchain to disrupt sectors as diverse as fintech, insurance, healthcare and gaming.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended.US Securities Act”) Or state securities laws and may not be offered or sold in the United States unless registered under the US Securities Act and applicable state securities laws or an exception to this registration is possible.
On behalf of the Board of Directors
Diamond Tejani website
Director and Chief Executive Officer
Victory Square Technologies Inc.
For more information about Victory Square, please contact:
Contact – Edge Communications Group
Phone: 604 283-9166
Contact – Howard Blank, Director
Certain statements in this press release regarding Victory Square and GameOn are forward-looking and prospective in nature. Forward-looking statements are based not on historical facts but on current expectations and projections of future events and are therefore subject to risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements . These statements can generally be identified by the use of forward-looking words such as “may,” “should,” “could,” “intend,” “estimate,” “plan,” “anticipate,” “expect,” “believe”, “or” Forward-looking statements in this press release include statements regarding the completion of the SR offering, the listing of GameOn shares, GameOn’s business and prospects, GameOn’s ability to serve the SR To complete the offer, on GameOn’s ability to arrange finders and a trustee on commercially reasonable terms, the intended use of proceeds from the SR offering, filing of GameOn’s final prospectus, and obtaining supporting documents for the final prospectus. There are numerous Risks and uncertainties that could cause the actual results and plans and objectives of Victory Square and GameOn to differ materially from those in the future Unfavorable information provided may vary, including: (i) adverse market conditions; (ii) risks associated with GameOn and Victory Square’s business generally; (iii) that the proceeds of the SR offering may need to be used for purposes other than those set out in this press release; (iv) that GameOn may not be able to complete the SR Offer as intended; (v) that GameOn may not be able to complete its proposed exchange transaction as intended; (vi) other risks and uncertainties set out in Victory Square and GameOn’s public disclosure documents including, but not limited to, those set out in GameOn’s preliminary prospectus dated February 17, 2021; (vii) and other factors beyond the control of Victory Square and / or GameOn. Actual results and future events could differ materially from those anticipated in this information. This and all subsequent written and oral forward-looking information is based on the estimates and opinions of management at the time of preparation and are expressly qualified in their entirety by this release. The information about GameOn contained herein comes exclusively from the administration of GameOn. Except as required by law, GameOn and Victory Square do not intend to update these forward-looking statements.
The Canadian Stock Exchange has neither approved nor disapproved of the contents of this press release and assumes no responsibility for the adequacy or accuracy of this press release.