Cypher Metaverse Inc. Announces Closing of Financing

Rhea-AI Summary

Cypher Metaverse Inc. (CSE:CODE, FSE:C5B, OTCQB:BKLLF) has completed its non-brokered private placement financing. The company raised a total of $159,525.20 by issuing 1,876,767 Units, with the final tranche bringing in $5,100 through the sale of 60,000 Units. Each unit comprises one common share and one common share purchase warrant at $0.085. The warrants allow holders to purchase an additional common share at $0.15 for two years, with an acceleration option if the share price reaches $0.20 for 10 consecutive days. Securities from this final tranche have a statutory hold period until February 10, 2025. Cypher plans to use the proceeds for general working capital and to finance the acquisition of Agape Luxury Brands Inc.

Positive

• Successful completion of non-brokered private placement financing
• Total funds raised: $159,525.20
• Planned acquisition of Agape Luxury Brands Inc

Negative

• Relatively small amount of capital raised
• Potential dilution of existing shareholders due to new share issuance

VANCOUVER, BC / ACCESSWIRE / October 9, 2024 / Cypher Metaverse Inc. ("Cypher" or the "Company") (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) announces it has completed its previously announced non-brokered private placement (the "Financing"). The Company raised proceeds on this final tranche of $5,100 through the sale of 60,000 Units.

The Company raised a total of $159,525.20, and issued a total of 1,876,767 Units pursuant to the Financing.

Each unit consists of one common share and one common share purchase warrant at $0.085. Each warrant entitles the holder to purchase one additional common share at $0.15 for a period of two years from the date of closing, subject to the option of the Company to accelerate the expiry date in the event that its shares trade at $0.20 or more for 10 consecutive days.

Securities issued as a result of closing of this final tranche will be subject to a statutory hold period until February 10, 2025.

The Company intends to use the net proceeds of the Offering for general working capital and to finance the acquisition of Agape Luxury Brands Inc., as previously announced.

About Cypher Metaverse Inc.

Cypher Metaverse Inc. seeks early-stage investments in emerging technology sectors, including the blockchain ecosystem, fintech and the metaverse. The Company identifies such opportunities and applies its relationships and capital to advance its interests. www.cypher-meta.com

For further information, please contact:

Tatiana Kovaleva
Corporate Communications
Telephone: Toll-Free (877) 806-CODE (2633)
E-mail: INFO@cypher-meta.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates", "may" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, lack of investor demand for Bitcoin and/or Bitcoin futures exchange traded funds, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.

SOURCE: Cypher Metaverse Inc.

View the original press release on accesswire.com

FAQ

How much did Cypher Metaverse Inc. (BKLLF) raise in its recent financing?

Cypher Metaverse Inc. raised a total of $159,525.20 in its recently completed non-brokered private placement financing.

What are the terms of the warrants issued by Cypher Metaverse (BKLLF) in the financing?

Each warrant allows holders to purchase one additional common share at $0.15 for a period of two years, with an acceleration option if the share price reaches $0.20 for 10 consecutive days.

How does Cypher Metaverse (BKLLF) plan to use the proceeds from the financing?

Cypher Metaverse plans to use the net proceeds for general working capital and to finance the acquisition of Agape Luxury Brands Inc.

When does the statutory hold period end for the securities issued in the final tranche of Cypher Metaverse's (BKLLF) financing?

The statutory hold period for securities issued in the final tranche ends on February 10, 2025.