VIP Entertainment Technologies Inc. announced a non-brokered private placement of 9,736,000 units at a price of CAD 0.05 per unit for gross proceeds of CAD 486,800 on December 15, 2022. The transaction included participation of certain management and directors of the company for 2,330,000 units for gross proceeds of CAD 116,500. As a result of the offering, Randy Jennings will own and exercise control over an aggregate of 13,425,102 common Shares, 335,000 warrants, and 200,000 options to purchase common shares of the company representing approximately 14.9% of the issued and outstanding voting securities of the company on a non-diluted basis and 14.6% of the issued and outstanding securities of the company, assuming conversion of the options and exercise of the warrants Theresa Jennings will own and exercise control over an aggregate of 14,096,485 common shares, 335,000 warrants, and 200,000 options to purchase common shares of
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.