Interactive Games Technologies Announces Closing of Non-Brokered Private Placement
TORONTO, May 14, 2021 (GLOBE NEWSWIRE) — Interactive Games Technologies Inc. (“Interactive Games” or the “Company”) (CSE: BETS) (FSE: F0O) (OTC: BLITF) is pleased to announce the closing of a non-brokered private placement for gross proceeds of $6,732,779.37 (the “Offering”) through the issuance of 20,402,362 common shares in the capital of the Company (“Common Shares”) at a price of $0.33 per Common Share.
In connection with the closing of the Offering, the Company paid aggregate finder’s fees of $15,576 and issued an aggregate of 47,200 finders warrants (the “Finder Warrants“) to registered finders. Each Finder Warrant entitles the holder to purchase one Common Share at a price of $0.33 for a period of 24 months from the closing of the Offering.
All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.
The Company has entered into a share subscription agreement with a leading company within the online gaming space in India (the “Target”), as previously disclosed in the press release dated April 20, 2021. The Company has agreed to purchase USD$5,000,000 worth of compulsorily convertible cumulative preference shares of the Target, fulfilling the initial funding commitment of the acquisition of the Target by the Company.
The Company is working diligently to complete its due diligence and finalize a sale and purchase agreement with the Target. The Company will provide additional updates and milestones when available.
Name Change: The Company announces its name change to I3 Interactive Inc., to be effective later this month. This name change comes as a direct result of its proximity to another company name. To ensure we continue to differentiate our brand this name change was required. We will continue to provide updates on when this change has been fully executed.
Chris Neville has resigned from the Board of Directors effective May 12, 2021.
Related Party Transactions
The Company also wishes to report that Troy Grant, interim Chief Executive Officer and director of the Company, has participated in the Offering. Mr. Grant subscribed for 380,000 Common Shares, which constitutes a “related party transactions” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101, specifically: (i) the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(a), as the fair market value of the Common Shares issued to Mr. Grant in connection with the Offering does not exceed 25% of the Company’s market capitalization, and (ii) the minority shareholder approval requirement of MI 61-101 by virtue of the exemption contained in Section 5.7(1)(a) of MI 61- 101, as the fair market value of the Common Shares issued to Mr. Grant in connection with the Offering does not exceed 25% of the Company’s market capitalization (as determined under MI 61-101).
About Interactive Games Technologies Inc.
Interactive Games Technologies Inc. is a publicly traded company listed in Canada, USA and Germany (CSE: BETS); (OTC: BLITF); (FSE: F0O). The Company, led by a management team with a combined experience of over 50 years leading online gaming companies globally, is in the business of providing its customers with entertaining, exciting and engaging online gaming products with a unique brand position and a blend of skill-based games and games of chance. The Company’s product suite includes social gaming, fantasy sports, quiz games, poker, rummy, sports betting, as well as thrilling games of chance as part of its certifiably fair online casino. The product offering is available in countries in line with each jurisdictions’ current regulatory environment. The Company will soon be adding to both its product offering and geographic availability as it strives to make its products available globally.
For more information, please contact:
Interactive Games Technologies Inc.
Troy Grant, Interim CEO
Cautionary Statements Regarding Forward Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s believe regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”.
The forward-looking information and forward-looking statements contained herein may include, but are not limited to, information concerning the use of proceeds of the Offering as currently anticipated. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward- looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward- looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward- looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.