Vancouver, British Columbia, March 31, 2023 – NFT Technologies Inc. (NEO: NFT | Frankfurt: 8LO | OTCQB: NFTFF) ("NFT Tech" or the “Company”), 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 it has closed the first tranche of the previously announced non-brokered private placement dated February 24, 2023, raising gross proceeds of $350,000 through the issuance of 7,000,000 units at a price of $0.05 per unit (“Tranche One Financing”). Each unit consists of one common share (each a “Common Share”) of the Company and one-half of one purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant is exercisable into one Common Share at the price of $0.10 per share (the “Warrant Share Price”) for a period of six months following the closing of the Private Placement.
An insider of the Company participated in the Tranche One Financing and acquired 1,000,000 units (“Insider Participation”), and is considered to be a related party transaction within the meaning of Multilateral Instrument 61-101 ("MI 61-101"). The Company relied on the exemptions from the 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 the Insider Participation, as neither the fair market value of any shares issued to, nor the consideration paid by such persons, will exceed 25% of the Company's market capitalization.
The Company intends to use the net proceeds from the Tranche One Financing to fund general corporate working requirements. Completion of the Tranche One Financing is subject to receipt of final applicable regulatory approvals including the approval of the NEO Exchange. All securities issued in connection with the Tranche One Financing will be subject to a hold period of four months and one day. Under the first tranche of the Private Placement, the Company paid cash finders’ fees of $12,000.
NFT Tech builds products that accelerate web3 adoption by infusing utility into digital assets. The company’s technology is designed to increase consumer engagement, enable digital asset ownership, and discover new business models, making NFT Tech a trusted partner to global brands across many industries, including sports, entertainment, and art. NFT Tech’s award-winning studio is the recipient of the first-ever Cannes Lion for an NFT Activation, one of the most respected and well-known awards in the industry.
NFT Tech is publicly listed on the NEO exchange under the symbol NFT and on OCTQB under the symbol NFTFF. By bridging the gap between traditional capital markets and the web3 space, NFT Tech is mainstreaming the new era of the internet while bringing insights and benefits to the public markets.
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