Cypher Metaverse Inc. Announces Closing of Financing

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Cypher Metaverse Inc. (CSE:CODE) Announces Non-Brokered Private Placement Closing and Acquisition of Agapi Luxury Brands Inc.

VANCOUVER, BC / ACCESSWIRE / December 22, 2023 / Cypher Metaverse Inc. (CSE:CODE) ("CODE" or the "Company") is pleased to announce that as per CSE policy, it intends to close its previously announced non-brokered private placement on December 28th, 2023. The Company accepted subscriptions for 2,325,000 units at a price of $0.12 per unit for gross proceeds of $279,000.

Pursuant to the terms of the Financing, each unit consists of one common share and one half of a common share warrant. Each whole warrant entitles the holder to subscribe for one additional common share for $0.15 for a period of 2 years from the date of closing, subject to the Corporation's option to accelerate the expiry date if the stock trades at $0.20 for 10 trading days.

The Common Shares and Warrants comprising the Units will be subject to a four-month and one day hold period in accordance with the policies of the CSE and applicable securities legislation.

The Company paid finder's fees to qualified finders in the amount of $18,755 and issued 156,300 broker warrants.

The Company intends to use the net proceeds of the Offering for the acquisition of Agapi Luxury Brands Inc. Pursuant to the Company's agreement to loan funds to Agapi as it works through the exchange's RTO process, the Company has now loaned Agapi a total of $886,692 to advance its business plan.

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.

The Company's head office is located at 1780-355 Burrard Street, Vancouver, BC, V6C 2C8. The common shares of CODE ("CODE Common Shares") are currently listed on the CSE and CODE is a reporting issuer in the provinces of British Columbia, Alberta and Ontario.

For further information please contact:

Cypher Metaverse Inc.

Brian Keane - Director
Phone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150

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

SOURCE: Cypher Metaverse Inc.

View the original press release on accesswire.com

FAQ

What is the latest announcement from Cypher Metaverse Inc. (CSE:CODE)?

Cypher Metaverse Inc. (CSE:CODE) announced the closing of its non-brokered private placement and its intention to use the proceeds for the acquisition of Agapi Luxury Brands Inc.

How many units were subscribed to in the private placement?

The Company accepted subscriptions for 2,325,000 units at a price of $0.12 per unit, resulting in gross proceeds of $279,000.

What is included in each unit of the private placement?

Each unit consists of one common share and one half of a common share warrant. Each whole warrant entitles the holder to subscribe for one additional common share for $0.15 for a period of 2 years from the date of closing.

What will the net proceeds of the private placement be used for?

The Company intends to use the net proceeds for the acquisition of Agapi Luxury Brands Inc.

What is the hold period for the Common Shares and Warrants comprising the Units?

The Common Shares and Warrants comprising the Units will be subject to a four-month and one day hold period in accordance with the policies of the CSE and applicable securities legislation.

How much has the Company loaned to Agapi for advancing its business plan?

The Company has loaned Agapi a total of $886,692 to advance its business plan as it works through the exchange's RTO process.