VIP Entertainment Technologies Inc. announced that it has received CAD 0.4868 million in funding
the company representing approximately 15.6% of the issued and outstanding voting securities of the company on a non-diluted basis and 15.4% of the issued and outstanding securities of the company, assuming conversion of the options and exercise of the warrants. Each unit comprises of one common share and one-half of common share purchase warrant. Each warrant entitles the holder to acquire one common share from the company at a price of CAD 0.10 per common share until December 15, 2024. All securities issued pursuant to the offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The closing of the offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange. The transaction included participation from 21 placees.
The company received approval for the transaction from TSXV Venture Exchange.