Cypher Metaverse Inc. Announces Second Closing of Financing
Rhea-AI Summary
Cypher Metaverse Inc. (CSE:CODE) has completed the second closing of its private placement, raising $50,975 by issuing 599,706 units at $0.085 per unit. Each unit includes one common share and one warrant, exercisable at $0.15 for two years. The company paid $1,253.75 in finder's fees.
Securities from this tranche have trading restrictions until January 19, 2025. Proceeds will be used for general working capital and to finance the acquisition of Agape Luxury Brands Inc. Additionally, Harrison Ross has resigned as a Director, with Michael Hopkinson appointed to the Board effective August 16, 2024.
Positive
- Raised $50,975 through private placement
- Warrants provide potential for additional future funding at $0.15 per share
- Proceeds to be used for working capital and acquisition financing
Negative
- Small amount of capital raised ($50,975) may not be sufficient for long-term needs
- Potential dilution for existing shareholders due to new share issuance
- Trading restrictions on new securities until January 19, 2025
VANCOUVER, BC / ACCESSWIRE / September 19, 2024 / Cypher Metaverse Inc. (CSE:CODE) ("CODE" or the "Company") is pleased to announce that it has completed the second closing of its previously announced private placement. The Company accepted subscriptions for 599,706 units at a price of
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
Securities issued pursuant to this tranche are subject to trading restrictions until January 19, 2025.
The Company intends to use the net proceeds of the Offering for general working capital and to finance the acquisition of Agape Luxury Brands Inc., as previously announced.
The Company also announced that Harrison Ross has resigned as a Director of the Corporation. Michael Hopkinson has been appointed to the Board effecitive August 16, 2024.
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
Forward-Looking Statement Disclaimer
Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words "could," "intend," "expect," "believe," "will," "projected," "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the RN Property, the Acquirors and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
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
How much did Cypher Metaverse Inc. (BKLLF) raise in its second closing of financing?
What is the exercise price and expiry period for the warrants issued by Cypher Metaverse Inc. (BKLLF)?
When will the trading restrictions on the newly issued securities of Cypher Metaverse Inc. (BKLLF) be lifted?
What is the intended use of the funds raised by Cypher Metaverse Inc. (BKLLF) in this financing?
