Cypher Metaverse Inc. Announces Debt Settlements

Rhea-AI Summary

Cypher Metaverse Inc. (CSE:CODE) announces debt settlements totaling $149,215 through the issuance of 1,755,470 shares at $0.085 each, improving the company's balance sheet. No finders fees will be paid, and insiders participated in settling accrued fees. The securities issued will be subject to a hold period, with exemptions from minority approval and valuation requirements.

VANCOUVER, BC / ACCESSWIRE / April 15, 2024 / Cypher Metaverse Inc. (CSE:CODE) ("CODE" or the "Company") announces today that it has entered into settlement agreements that will see $149,215 of debt settled by the issuance of 1,755,470 shares at a deemed price of $0.085, and the Company's balance sheet much improved.

No finders fees will be paid. The securities issued will be subject to a four-month and one-day hold period from closing.

Certain insiders participated in respect to accrued and unpaid fees and expenses. The Company is relying on exemptions contained in NI 61-101 from minority approval and valuation requirements for related party transactions.

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.

Cautionary Statement Regarding Forward-Looking Information

Statements in this press release regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such forward-looking information can be generally identified by terms such as "may", "expect", "estimate", "anticipate", "intend", "believe", and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future, and readers are cautioned that such forward-looking statements may not be appropriate for other purposes. By its nature, this forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions may not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities may not be achieved. These risks and uncertainties include but are not limited to those identified and reported under the Company's disclosure documents available on its SEDAR+ profile at www.sedarplus.com.

Contact Information

For further information please contact:
Brian Keane, Director
Cypher Metaverse Inc.
Phone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150
E-mail: info@cypher-meta.com
www.cypher-meta.com

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

How much debt did Cypher Metaverse Inc. settle?

Cypher Metaverse Inc. settled $149,215 of debt.

How many shares were issued for the debt settlement?

1,755,470 shares were issued at a price of $0.085 each.

Will finders fees be paid for the debt settlements?

No finders fees will be paid for the settlements.

What is the hold period for the securities issued?

The securities issued will be subject to a four-month and one-day hold period from closing.

Did insiders participate in the debt settlement?

Certain insiders participated in settling accrued fees and expenses.

What exemptions did the Company rely on for related party transactions?

The Company relied on exemptions contained in NI 61-101 from minority approval and valuation requirements.