Cypher Metaverse Inc. Announces Financing

Rhea-AI Summary

Cypher Metaverse Inc. (CSE:CODE) has announced a non-brokered private placement to raise up to $1,000,000. The company will issue up to 11,764,705 units at $0.085 per unit, each consisting of one common share and one warrant. Warrants allow holders to purchase an additional share at $0.15 for 2 years, with an acceleration option. The first closing has been completed, raising $115,350 from 1,357,061 units. Proceeds will be used for working capital and the acquisition of Agape Luxury Goods Inc. Qualified finders may receive up to 8% in cash and warrants.

Positive

• Successful first closing of private placement raising $115,350
• Potential to raise up to $1,000,000 through the private placement
• Acquisition of Agape Luxury Goods Inc. to be financed with proceeds

Negative

• Potential dilution of existing shareholders due to new share issuance
• Warrants may lead to further dilution if exercised

VANCOUVER, BC / ACCESSWIRE / August 6, 2024 / Cypher Metaverse Inc. (CSE:CODE) ("CODE" or the "Company") is pleased to announce that it is undertaking a non-brokered private placement of up to $1,000,000. The Company will issue up to 11,764,705 units at a price of $0.085 per unit. Each unit consists of one common share and one common share warrant. Each warrant entitles the holder to subscribe for one additional common share for $0.15 for a period of 2 years from the date of closing, subject to the Corporation's option to accelerate the expiry date if the stock trades at $0.20 for 10 trading days.

The Company has completed the first closing of the private placement. The Company accepted subscriptions for 1,357,061 units at a price of $0.085 per unit, for gross proceeds of $115,350. Securities issued pursuant to this tranche are subject to trading restrictions until December 7, 2024.

The Company intends to use the net proceeds of the Offering for general working capital and to finance the acquisition of Agape Luxury Goods Inc., as previously announced.

The Company may pay qualified finders fees of up to 8% in cash and 8% in brokers warrants.

About Cypher Metaverse Inc.

Cypher Metaverse Inc. seeks early-stage investments in emerging technology sectors, including the blockchain ecosystem, fintech and the metaverse. The Company identifies such opportunities and applies its relationships and capital to advance its interests.

The Company's head office is located at 1780-355 Burrard Street, Vancouver, BC, V6C 2C8. The common shares of CODE ("CODE Common Shares") are currently listed on the CSE and CODE is a reporting issuer in the provinces of British Columbia, Alberta and Ontario.

For further information please contact:

Cypher Metaverse Inc.
Brian Keane - Director
Phone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150

Neither the CSE nor its Regulation Services Provider (as that term is defined in policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE: Cypher Metaverse Inc.

View the original press release on accesswire.com

FAQ

What is the price per unit in Cypher Metaverse's private placement?

Cypher Metaverse Inc. (CSE:CODE) is offering units at $0.085 per unit in its non-brokered private placement.

How much did Cypher Metaverse raise in the first closing of its private placement?

Cypher Metaverse Inc. (CSE:CODE) raised $115,350 in the first closing of its private placement by issuing 1,357,061 units.

What is the exercise price and term of the warrants issued in Cypher Metaverse's private placement?

The warrants issued in Cypher Metaverse's private placement have an exercise price of $0.15 and are valid for a period of 2 years from the closing date.

What will Cypher Metaverse use the proceeds from the private placement for?

Cypher Metaverse intends to use the net proceeds for general working capital and to finance the acquisition of Agape Luxury Goods Inc.