NFT Tech Announces Up To $1,000,000 Private Placement

Rhea-AI Summary

NFT Technologies Inc. (OTCQB: NFTFF) has completed the acquisition of Run It Wild as of February 23, 2023. Following this, the company announced a non-brokered private placement of up to 20 million units at $0.05 each, targeting gross proceeds of $1 million. Each unit includes one common share and a half warrant, exercisable at $0.10 for six months. Proceeds will fund general corporate expenses. The company also appointed Mark Leung as CFO, succeeding Frank Guo, to lead financial strategies for growth in 2023.

Positive

• Acquisition of Run It Wild may enhance business capabilities.
• Private placement targets $1 million for corporate funding.

Negative

• Private placement could lead to shareholder dilution.

VANCOUVER, British Columbia--(BUSINESS WIRE)-- 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, following completion of the acquisition of Run It Wild by NFT Tech on February 23, 2023, is pleased to announce a non-brokered private placement (“Private Placement”) of up to 20,000,000 units of the Company (“Units”) at the price of $0.05 per Unit (the “Issue Price”) for gross proceeds of up to $1,000,000. Each Unit will consist 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.

The net proceeds of the Private Placement will be used to fund general corporate working requirements. The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the NEO Exchange. All securities to be issued pursuant to the Private Placement will have a hold period of four months and one day from the closing of the Private Placement.

The Company has also announced today the appointment of Mark Leung as its new CFO. Mark has taken over the role from Frank Guo. Mr. Leung will be responsible for leading the finance team, reporting, and overseeing the Company's revenue growth plans in 2023 and beyond.

About NFT Tech
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.

Follow us on social media:
twitter.com/nfttech
medium.com/@nfttechnologies

Cautionary Note on Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of applicable securities laws with respect to the Company. These forward-looking statements generally are identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions. Forward-looking statements in this press release include benefits realized from the agreement; expansion of the Company's NFT developments and product offerings; potential benefits and demands for direct-to-consumer NFT projects; potential benefits, development and acceptance of web3 and related applications; plans for accelerating growth; and the continued public acceptance of NFTs. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release including, without limitation, the risk factors described in the Prospectus. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The Neo Exchange has not reviewed or approved this press release for the adequacy or accuracy of its contents.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230227005763/en/

Wayne Lloyd

Executive Chairman

ir@nfttech.com

+1 (604) 800-5838

Source: NFT Technologies Inc.

FAQ

What is the purpose of NFT Technologies' private placement on February 23, 2023?

The private placement aims to raise up to $1 million for general corporate working requirements.

Who was appointed CFO of NFT Technologies after the acquisition?

Mark Leung was appointed as the new CFO, succeeding Frank Guo.

What are the terms of the private placement announced by NFT Technologies?

NFT Technologies plans to issue up to 20 million units at $0.05 each, with each unit including one common share and a half warrant, exercisable at $0.10 for six months.

How might the acquisition of Run It Wild affect NFT Technologies?

The acquisition may enhance NFT Technologies' business capabilities in the web3 space.

What financial impact could the private placement have on NFT Technologies' shareholders?

The private placement may lead to shareholder dilution due to the issuance of new shares.