VIP Entertainment Technologies Inc. Announces Appointment of Investor Relations Firm and a Private Placement
Calgary, Alberta – TheNewswire - March 6, 2023 / VIP Entertainment Technologies Inc. (“VIP” or the “Company”) (TSXV:VIP) is pleased to announce that it has entered into an agreement for Investor Relations with Outside The Box Capital (“OTB”) and intends to complete a non-brokered private placement (the “Offering”) of 2,500,000 units (the “Units”), at a price of CAD $0.25 per Unit for gross proceeds of up to CAD $625,000.
VIP announces that it has entered into a 3-month marketing and consulting contract with Toronto based marketing firm, Outside The Box Capital Inc. OTB specializes in various social media platforms and will be able to facilitate greater awareness and widespread dissemination of the Company's news.
In connection with the agreement, the Company will pay Outside The Box Capital $50,000. OTB currently owns 0 shares of the Company. The Agreement is subject to TSX Venture Exchange acceptance.
Non-Brokered Private Placement.
The Offering consists of each Unit comprised of one common share of the Company (each a "Common Share") and one-half of one common share purchase warrant (each full warrant, a "Warrant"). Each Warrant entitles the holder to acquire one Common Share from the Company at a price of $0.50 per Common Share expiring 24 months from the date of issuance.
Certain management and directors are participating in the placement for a total of $109,700 which equates to 438,800 units.
The net proceeds of the Offering will be used by the Company for general working capital.
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.
About VIP Entertainment Technologies Inc.
VIP delivers sports betting, casino games and poker through its VIP Bets platform. In addition, it has recently launched its Free to Play platform, VIPFree2Play. The Company has plans to continue to expand its offering to the gaming industry. Since 2016, VIP has handled approximately $150,000,000 in wagers through its licensed online gaming services.
For further information please visit www.vipentertainmentgroup.ca or contact:
Joel Donais - Chief Executive Officer
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that VIP anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass.
Forward-looking statements are based on assumptions, including expectations and assumptions concerning the acquisition of the private placement and the Company’s growth plan. While VIP considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; future legislative, tax and regulatory developments. Readers are cautioned that the foregoing list is not exhaustive and other risks set out in public disclosure recorded and filed under the Company’s profile on www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of VIP Entertainment Technologies Inc. which are available on SEDAR at www.sedar.com. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. VIP Entertainment Technologies Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.