Dragon Victory International Limited announced that it has entered into a securities purchase agreement with certain investors, including directors and senior members of management of the company for a private placement of common shares for proceeds of $3,300,000 on June 28, 2022. The transaction included participation from Hermitage Management LLC, independent investors, Hu Jing for $200,000, Zhou Yingjun for $220,000, Zhang Ailing for $150,000, Wang Bingzhong for $600,000, Hu Xianqun for $960,000, Ni Ming for $400,000, Hermitage Management Limited for $330,000, Li Jiarui for $100,000, Cai Ying for $100,000 Yan Lin for$50,000, Khor Sek Yee for $70,000, Liu Limin for $120,000. The company will also issue warrants.

The debentures will be issued at a discount of $60,000 on principal amount of $6,000,000. The purchase price paid by such investors to the company, as set forth in the agreement, or by the per share purchase price that is the higher of (i) $1.00 and (ii) 88% of the lowest daily dollar volume-weighted average price of the ordinary shares during the last 10 Trading Days immediately preceding the execution date of the agreement; and certain warrants, to purchase an aggregate number of Ordinary Shares that equals twice the number of the subscription shares.