Vancouver, British Columbia, October 5, 2022 – NFT Technologies Inc. (NEO: NFT | OTC Pink: NFTFF | FRA: 8LO) (the “Company” or "NFT Tech"), a leading technology company partnering with top-tier brands to accelerate their entry into the world of web3 through innovative technologies and unparalleled creativity, is pleased to announce that further to its news release dated September 22, 2022, it has completed the first tranche of its non-brokered private placement (the “Private Placement”) of units (“Units”) for gross proceeds of C$1,005,000 through the sale of 6,699,999 Units at a price of C$0.15 per Unit.
On September 22, 2022, NFT Tech announced its proposed private placement for an aggregate of up to C$2,000,000 through the sale of up to 13,333,333 Units (the "Offering"). This closed first tranche of Units represents approximately 50% of the total Offering. The Company anticipates closing its second tranche on or before October 15, 2022 , however, the Offering is not subject to a minimum amount of funds being raised, and there may be no second tranche closure.
Each Unit is comprised of one common share of NFT Tech (the "Unit Shares") and one warrant (a "Warrant") to purchase a common share (the "Warrant Shares"). Each Warrant is exercisable at any time for a period of two years from the date on which such Warrants are issued and at a price of $0.30 per share, and are governed by the terms and conditions of a warrant indenture entered into between NFT Tech and Odyssey Trust Company, as warrant agent. Pursuant to the warrant indenture, if the volume-weighted average price of its stock over 10 consecutive days traded on the NEO Exchange at or more than $0.60, the Issuer has the option to accelerate the expiration date of the warrants to a date that is 30 days from the date of written notice in the form of a press release or other form of notice permitted.
The net proceeds from the Offering are intended to be used to fund the cash portion of the purchase price of the Company's previously-announced acquisition of Run It Wild and for general working capital purposes.
The issued and outstanding common shares of NFT Tech are listed for trading on the NEO Exchange under the ticker symbol "NFT"; on the Frankfurt exchange in Germany, under the symbol "8LO"; and on the OTCPINK in the United States under the symbol "NFTFF". The Warrants do not, and are not anticipated to have, a public trading market.
NFT Tech works to develop infrastructure, assets, real estate and IP in the metaverse, build and generate revenue from web3 games and assets, and bring insights and benefits to the public markets. By bridging the gap between traditional capital markets and the Web3 space, NFT Tech is mainstreaming decentralized ownership, NFTs, and the metaverse.
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