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Swarmio Media Holdings Inc. (CSE: SWRM) (" Swarmio " or the " Company "), announces that it has closed its previously announced non-brokered private placement of 11,661,407 common shares at a price of $0.10 per share for aggregate proceeds of $1,166,140.70 . Swarmio previously announced the goal of raising $1 million in this placement but is pleased to announce that it was oversubscribed.
The net proceeds of the offering will be used for short term working capital and general corporate purposes. Swarmio may need to raise additional funds in the near term to support its operations as it looks forward to revenues beginning to flow from recently announced customer activities.
All securities issued are subject to a four-month and one day hold period.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This news release does not constitute an offer of securities for sale in the United States . The securities offered were not, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirement.
About Ember by Swarmio
Swarmio's fully managed, plug-and-play Ember platform can be quickly and seamlessly integrated with major telco operations, allowing telcos to engage and monetize gaming subscribers and gain immediate and meaningful access to the US$200 billion gaming market.
Ember provides a proprietary digital hub for gaming communities, allowing gamers to access an ultra-low-latency playing experience, competitive challenges and tournaments, exclusive gaming content, managed communities, gamification and points system, online store (Swarmio Store), gamer e-wallet (Swarmio Pay), and customized digital content.
About Swarmio Media
Swarmio Media (CSE: SWRM; OTC: SWMIF) is a technology company focused on deploying its proprietary end-to-end gaming and esports platform, Ember, which enables telcos to monetize their gaming customers. Swarmio has engaged with several telcos that have launched Ember as an add-on service, allowing subscribers to access tournaments, engage in a localized gaming community, challenge friends and influencers, and earn points that can be used to purchase gaming content. Ember is powered by Swarmio's patented Latency-Optimized Edge Cloud ('LEC') technology, which reduces lag and allows gamers to enjoy an optimized gaming experience.
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Swarmio to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include the anticipated benefits to Swarmio's customers from the use of Swarmio's platform, Swarmio's expectations as to revenue growth and timing of revenues, the expectation to deploy Swarmio's platform in new regions and with new customers, expected use of proceeds from the financing and the possibility for raising additional funds. Different customers may experience different benefits from the sue of Swarmio's platform. Swarmio's revenues may not grow and its platform may not be adopted by new customers or in new regions for many reasons outside the control of Swarmio. Circumstances may necessitate or make it desirable that Swarmio use the proceeds of the offering for different purposes than described above. Additional financings may not be available on terms favourable to the Company, or at all. A failure to obtain additional funding could prevent the Company from making expenditures that may be required to implement the Company growth strategy and grow or maintain the Company's operations. The forward-looking statements included in this news release are made as of the date of this news release and Swarmio does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
SOURCE Swarmio Media Holdings Inc.
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