OOOOO Entertainment Announces a Non-Brokered Private Placement to Raise $200,000 from CEO
Vancouver, British Columbia--(Newsfile Corp. - November 17, 2023) - OOOOO Entertainment Commerce Limited (TSXV: OOOO) (OTCQB: OOOOF) (the "Company" or "OOOOO") announces a non-brokered private placement with the Company's Chief Executive Officer ("CEO"), Samuel Jones, to raise
The Company plans to raise the
Mr. Jones will acquire 20,000,000 subordinated voting shares of the Company under the Offering. Prior to the Offering, Mr. Jones held 17,332,771 multiple voting shares of the Company, each such share carrying the right to five (5) votes at any general meeting of the shareholders, representing
Pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the acquisition of the Shares by Mr. Jones constitutes a "related party transaction". The Company has determined that the Offering is exempt from the formal valuation requirement of MI 61-101 by virtue of the exemptions contained in Sections 5.5(a) and 5.5(b) of MI 61-101. The Company has also determined that the Offering is exempt from the minority shareholder approval requirement of MI 61-101 by virtue of Section 5.7(1)(a) of MI 61-101. Neither the fair market value of securities issued to Mr. Jones, nor the consideration paid by Mr. Jones will exceed 25 percent of the Company's market capitalization based on its total issued share capital, and the Company's subordinated voting shares are not listed on any specified market under MI 61-101.
About the Company
Founded by Sam Jones and Eric Zhang, OOOOO operates a technology platform that enables retailers, brands and entrepreneurs to share product-based content directly to consumers through live, interactive shoppable videos.
For more information, please refer to the Company's public filings available on SEDAR (www.sedar.com) under the Company's profile, or visit the Company's website at www.OOOOO.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Samuel Jones"
Samuel Jones,
Chief Executive Officer/Co-Founder
For further information, please contact:
Samuel Jones
Chief Executive Officer/Co-Founder
sam@ooooo.com
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