eSports

The Company also provides corporate update

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Alpha Metaverse Technologies Inc. (CSE: ALPA ) (FSE: 9HN ) (OTC PINK: APETF ) (" Alpha " or the " Company ") is pleased to announce that on March 7, 2022, it completed the first tranche of its previously announced best-efforts private placement offering (the " Offering "), issuing an aggregate of 11,120,500 units of the Company (the " Units ") at a price equal to $0.25 per Unit (the " Offering Price ") for aggregate gross proceeds of $2,780,125.

Each Unit is comprised of one common share of the Company (a " Common Share ") and one Common Share purchase warrant (a " Warrant "). Each Warrant is exercisable to acquire one additional Common Share (a " Warrant Share ") at an exercise price of $0.40 per Warrant Share until March 7, 2024.

Pursuant to an agency agreement dated March 7, 2022 with the Company, Research Capital Corporation (the " Agent ") acted as the lead agent and sole bookrunner in connection with the Offering.

The net proceeds raised under the Offering will be used for the Company's business operations, working capital and general corporate purposes.

"Closing this financing is an important milestone for Alpha and puts the Company in a strong position to push forward in 2022 and beyond," said CEO of Alpha, Brian Wilneff. "We strongly feel that we have spent the last several months positioning ourselves to be a major player in the Metaverse space and this financing allows us to be flexible in those pursuits."

As consideration for the services rendered by the Agent in connection with the Offering, the Company has paid an aggregate cash commission equal to $166,808 and has issued an aggregate of 667,230 non-transferable broker warrants (the " Broker Warrants "). Each Broker Warrant entitles the holder thereof to purchase one unit (a " BW Unit ") having the same terms of a Unit at an exercise price per BW Unit equal to the Offering Price until March 7, 2024. As further consideration for the services provided in connection with the Offering, the Company has also paid an aggregate corporate finance work fee equal to $55,603 and has issued an aggregate of 222,410 corporate finance fee warrants (the " Corporate Finance Fee Warrants "). Each Corporate Finance Fee Warrant entitles the holder thereof to purchase one unit (a " CFF Unit ") having the same terms as a Unit at an exercise price per CFF Unit equal to the Offering Price until March 7, 2024.

The securities issued in connection with the Offering are subject to a statutory resale restriction which will expire July 8, 2022 in accordance with applicable securities legislation.

Change in Board of Directors

The Company is also pleased to announce, effective immediately, Harwinder Parmar has been appointed to its Board of Directors. Mr. Parmar has over 10 years experience in corporate restructuring and building sales operations for technology companies. Mr. Parmar obtained a Bachelor of Technology in Technology Management in 2008 from the British Columbia Institute of Technology. The Company also announces that Tim Laidler has resigned from the Company's Board of Directors. The Company thanks Tim Laidler for his service to the Company and wishes him success in his future endeavors.

Settlement of Debt

In addition, the Company announces it is settling (the " Debt Settlement ") $749,034 in aggregate indebtedness (the " Debts ") through the issuance of an aggregate of 2,416,239 common shares in the capital of the Company (the " Debt Settlement Shares ") with each Debt Settlement Share issued at a deemed value of $0.31. The Debts were owed to certain arm's-length creditors of the Company as well as to related parties of the Company and have been fully discharged by the issuance of the Debt Settlement Shares.

A total of 182,904 Debt Settlement Shares have been issued to a corporation controlled by Eli Dusenbury, Chief Financial Officer of the Company, and 237,097 Debt Settlement Shares have been issued to a corporation controlled by Matthew Schmidt, Director of the Company. The participation of Mr. Dusenbury and Mr. Schmidt, or corporations controlled thereby, in the Debt Settlement constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security holders in Special Transactions (" MI 61-101 "). The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Debt Settlement as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves the related parties, exceeded 25% of the Company's market capitalization. The Company did not file a material change report more than 21 days before the closing of the Debt Settlement as the details of the participation therein by related parties of the Company had not been determined until shortly prior to closing of the Debt Settlement.

The securities issued in connection with the Debt Settlement are subject to a statutory resale restriction which will expire July 9, 2022, in accordance with applicable securities legislation.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act ") and may not be offered or sold to, or for the account or benefit of, persons in the United States or U.S. persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. "United States" and "U.S. person" are as defined in Regulation S under the U.S. Securities Act.

About Alpha Metaverse Technologies Inc.

Alpha Metaverse Technologies Inc. is a technology company that focuses on emerging industries in Esports, mobile gaming, ecommerce, and other high growth opportunities. Through a strong portfolio of technology assets and products such as GamerzArena, Alpha Metaverse Technologies brings a unique mass-appeal focus to modern gaming platforms. Learn more at: www.alphametaverse.com

Contact:
Investor Relations: ir@alphametaverse.com - 604 359 1256
Media and Public Relations: media@alphametaverse.com

On Behalf of The Board of Directors
Brian Wilneff
Chief Executive Officer

Forward Looking Statement
This news release contains forward-looking statements, including in relation to the intended use of proceeds from the Offering. All statements included in this release, other than statements of historical fact, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.

The CSE has not reviewed, approved, or disapproved the content of this press release


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

ALPA:CC
Alpha Metaverse Technologies Announces Signing of Definitive Agreement to Acquire 100% of Shape Immersive Entertainment Inc.

Alpha Metaverse Technologies Announces Signing of Definitive Agreement to Acquire 100% of Shape Immersive Entertainment Inc.

Alpha Metaverse Technologies Inc. ( CSE: ALPA ) ( FSE: 9HN0 ), ( OTC PINK: APETF ) (" Alpha " or the " Company ") is pleased to announce, further to the Company's news release dated January 24, 2022, that it has signed a definitive agreement (the " Agreement ") with Shape Immersive Entertainment Inc. (" Shape ") and all of the shareholders of Shape (the " Shape Shareholders "), to acquire (the " Acquisition ") 100% of the issued and outstanding share capital of Shape.

Upon completion of the Acquisition, Shape will continue to function as a fully operational metaverse creator engaged in the development of non-fungible token (" NFT ") technology, augmented reality experiences, and three dimensional (" 3D ") products to transform user experiences. Shape is a leader in 3D NFTs, holograms, augmented and virtual reality, and play-to-earn game development. Shape has also partnered or worked with many well-known Fortune 1000 and other category leading companies such as RTFKT ® (recently acquired by Nike ® ), Red Bull ® , Intel ® and the Olympics ® .

Keep reading... Show less
Alpha Metaverse Technologies Announces Entry into Play-to-Earn Gaming; Partnership with BetU ICO Corp

Alpha Metaverse Technologies Announces Entry into Play-to-Earn Gaming; Partnership with BetU ICO Corp

Alpha Metaverse Technologies Inc. ( CSE: ALPA ) ( FSE: 9HN0 ) ( OTC PINK: APETF ) (" Alpha " or the " Company "), a technology company that focuses on emerging markets in esports, mobile gaming, ecommerce, blockchain, and high growth opportunities, is proud to announce expansion into the play-to-earn space, with a partnership with BetU ICO Corp ("BETU"), a play-to-earn platform.

BETU is a play-to-earn sports and esports prediction game, that is powered by the BETU token. The play-to-earn predictor is a free-to-play game for all BETU token holders. Users are required to make a prediction and if they are correct, users can earn rewards.

Keep reading... Show less
Alpha Metaverse Technologies Announces signing of LOI to acquire 100% of Shape Immersive Entertainment Inc and Brokered Private Placement Financing for up to $4.0 Million

Alpha Metaverse Technologies Announces signing of LOI to acquire 100% of Shape Immersive Entertainment Inc and Brokered Private Placement Financing for up to $4.0 Million

Shape is an award-winning Metaverse agency and has a team comprised of experienced AR/VR technologists, 3D artists and software developers

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Keep reading... Show less
Alpha Metaverse Technologies Announces Continued Marketing Campaign

Alpha Metaverse Technologies Announces Continued Marketing Campaign

Alpha Metaverse Technologies Inc. (CSE: ALPA ) (FSE: 9HN ) (OTC PINK: APETF) (" Alpha " or the " Company "), announces that its engagement for marketing services with Financial Star News Inc. (" FSN ") (address: 701 West Georgia Street, Suite 1500, Vancouver, V7Y 1C6; email: info@thefinancialstar.com ), as previously disclosed in the Company's October 8, 2021 news release, remains ongoing and is now anticipated to conclude on February 4, 2022.

As previously disclosed, FSN has and shall continue to, as appropriate, create campaigns, ad groups, text ads, display ads, perform detailed keyword research, setup and manage remarketing campaigns, optimize keyword options, coordinate online advertiser and marketers corresponding to the customers online marketing targets, create landing pages for ad campaigns and bring attention to the business of the Company in consideration of USD $400,000 (plus applicable taxes) previously paid to FSN. The promotional activity shall occur on theFinancialStar.com, by email, Facebook, and Google. FSN does not have any prior relationship with the Company aside from its previous engagement with the Company.

Keep reading... Show less
Alpha Esports Tech Announces Planned Name Change

Alpha Esports Tech Announces Planned Name Change

Alpha Esports Tech Inc. (CSE: ALPA ) (FSE: 9HN ) (OTC PINK: APETF ) (" Alpha " or the " Company "), is pleased to announce that it intends to change its name from "Alpha Esports Tech Inc." to "Alpha Metaverse Technologies Inc.", subject to the approval of the Canadian Securities Exchange (the " CSE "). The Company expects the name change to take effect on or about January 12, 2022, and for its common shares to begin trading on the CSE under the new name on such date. The name change will better reflect the Company's focus on - and recent investments in - the Metaverse and Web 3.0 applications.

The Company recently announced that its augmented reality (" AR ") division, Paradise City Gaming (" Paradise City "), has begun to develop AR experiences using the Niantic's software toolkit, Lightship, which is a platform to allow companies to build AR experiences using segmented semantics, mapping and multiplayer. The Company plans to apply such technology, once developed, to the Company's existing GamerzArcade platform, with a target launch date of spring 2022. The Company believes that integrating AR into the GamerzArcade platform will produce an immersive gaming environment where gamers can enter a virtual world and play their favourite type of classic games such as Snake Challenge ® and Space Aliens Invaders ® , as well as meet friends and challenge other users for blockchain-backed prizes.

Keep reading... Show less

Esports Investing: The Next Big Thing?

With tech giants like Facebook (NASDAQ:FB) and Netflix (NASDAQ:NFLX) suffering sizable losses in 2022, investors are looking at other places to put their money.

Could esports investing be the next big thing? Many insiders are pointing to esports as the sector to watch — but where is this interest coming from?

Read on for a brief look at the world of esports and why making an investment in this growing space could be worthwhile for those interested in the broader tech industry.

Keep reading... Show less
TinyRex Launches in Canada and Prepares for Global Release

TinyRex Launches in Canada and Prepares for Global Release

Playground Ventures Inc. (CSE: PLAY) (the "Company") is pleased to announce an update on a new mobile video game in our investee company TinyRex Games Inc. ("TinyRex"). The talented team at TinyRex is pleased to announce that they are on schedule for the global release of their mobile game "Wizard of OZ: Idle Merge".

With Females representing 63% of mobile gamers, the TinyRex team believes there is significant potential in this untapped female audience for idle games. With this in mind, they built their first game centered around Dorothy, from the globally recognized Wizard of Oz books to appeal to this lucrative female audience. They have introduced their own flavour of merge mechanics in the game, requiring players to combine assets to strengthen their game progress. With a modern and humorous twist on a story that was first introduced over a century ago, this unique style of gameplay offers an engaging, entertaining mobile experience.

Keep reading... Show less
Royal Wins Initiates NFT Skill-Based Game Development Demand for NFT Trading and Blockchain Games Expected to Continue Growing in 2022

Royal Wins Initiates NFT Skill-Based Game Development Demand for NFT Trading and Blockchain Games Expected to Continue Growing in 2022

Royal Wins Corporation (CSE: SKLL) (OTCQB: RYWCF) ("Royal Wins" or the "Company"), an innovative hyper-casual digital games studio with world's first fully licensed real-money pure-skill gaming platform, announces that game development for Non-Fungible Token ("NFT") and Blockchain segments has been added as one of the main diversification and growth strategies for 2022, alongside continuous improvement of existing gaming platforms, geographic expansion, and penetration into new gaming segments such as mobile tournaments, esports, and games of chance.

The Company has formed a team specifically dedicated to building products outside core product development, which will collaborate with a leading blockchain games developer Labrys (see Press Release dated October 19, 2021) to ramp up strategy and production for the launch of Royal Wins' first blockchain gaming product on HTML5.

Keep reading... Show less

How to Invest in Esports

With the initial cannabis and blockchain rushes seemingly over, investors are looking for the latest hot sector. Many believe esports could be the next big thing. But what’s the story behind esports, and why should market participants should consider investing?

Esports — or electronic sports — involves competitive gaming with computers or game consoles. Two or more players compete solo or in teams in online matches until a winner is determined.

Esports fans can tune into these competitive events via the game-streaming service Twitch, which had 2.78 million average concurrent viewers and 8.46 million broadcasters each month in 2021.

Keep reading... Show less
Playground Ventures Appoints New Director and Advisor

Playground Ventures Appoints New Director and Advisor

Playground Ventures Inc. (CSE: PLAY) (the "Company") is pleased to announce the appointment of Ms. Emma Fairhurst as a director of the Company. Ms. Fairhurst has over 20 years experience in the venture capital, financial and public company markets. Ms. Fairhurst worked at Canaccord Genuity Corp. where she administered hundreds of millions in assets, private placements and financings before becoming an investor in her own right. Ms. Fairhurst subsequently went on to be a founder and executive in the resource and tech business venture sector. Ms. Fairhurst has extensive board experience as a director and officer of publicly traded companies. Ms. Fairhurst has over 15 years experience with international development and corporate responsibility, working significantly in East Africa. Ms. Fairhurst is a director and founding member of Global Change for Children Society.

Ms. Fairhurst beneficially owns and controls, directly or indirectly, an aggregate of 28,445,000 Common Share 6,025,000 Warrants and 750,000 Options, representing approximately 45.96% of the Company's issued and outstanding common shares on an undiluted basis and 51.22% of the Company's issued and outstanding common shares on a partially diluted basis.

Keep reading... Show less
three people playing pure-skill mobile games together

Pure-skill Mobile Games: What You Need to Know About This Investment Opportunity

Twenty years ago, the notion that one could make money simply by being good at mobile games would have seemed absurd. But times have changed, and thanks to companies like Riot Games — publisher of League of Legends and Valorant — and the early surge in popularity of Major League Gaming, online gaming and eSports today represents a multibillion dollar industry.

So, what does the data say about mobile gaming industry penetration and growth? In 2021, the mobile gaming industry became the top-grossing gaming segment worldwide, reaching 2.65 billion users, with Asia and Europe coming in first and second with 1.29 billion and 551.7 million users respectively. In that same year, the industry generated a staggering US$93.2 billion in revenue, a 7.3 percent year-over-year increase that represented 52 percent of 2021’s global consumer spending in gaming.

It’s clear that mobile gaming is a rapidly growing segment. Professional gamers have pulled in salaries of six or even seven figures. The association between gaming skill and monetary return is well established by this point. Add to that the rise in popularity of video game streaming and video game culture in general, and it’s clear why mobile gaming has become so ingrained in our society. All of this has led to the birth of a new genre — pure-skill games. To understand why this represents such a compelling opportunity for investors, one must first understand what the term means.

Keep reading... Show less

Latest Press Releases

Related News

×