(TheNewswire)
Vancouver, British Columbia – TheNewswire - May 14, 2021 - Cloud Nine Web3 TechnologiesInc. (“ Cloud Nine ” or the “ Company ”) (CSE:CNI) (OTC: CLGUF) (FSE: 1JI0), announced todaythat further to its news release dated May 12, 2021, it has closed thesecond tranche of its non-brokered private placement for additionalgross proceeds of $250,025 (the “Offering”). An aggregate of$1,494,882 has been raised under the first and second tranches of theOffering.
Under the second tranche, the Company issued 182,500units (each, a “ Unit ”) at $1.37 per Unit. Each Unit consistsof one common share in the capital of the Company (each, a“ Share ”) and one-half of one transferable common share purchasewarrant (each whole warrant, a “ Warrant ”). EachWarrant entitles the holder to acquire one Share at a price of $1.75per Share for a period of twelve months from the date of closing ofthe Offering. In the event that the Shares trade at a price of $2.50 for ten consecutive trading days, the Company may, at its option,accelerate the Warrant expiry date by providing notice (the“ AccelerationNotice ”) to the Warrant holders by way of anews release that the Warrants will expire on the 30 th day from thedate of the Acceleration Notice.
The net proceeds of the Offering will be used forworking capital, software development and general corporatepurposes.
All securities to be issued pursuant to the Offeringwill be subject to a four month and one day hold period in accordancewith applicable Canadian securities laws.
On Behalf of the Board,
Cloud Nine Web3 TechnologiesInc.
Sefton Fincham
President
Neither the Canadian SecuritiesExchange nor its regulation services provider accepts responsibilityfor the adequacy of accuracy of this release. No stock exchange,securities commission or other regulatory authority has approved ordisapproved the information contain herein.
Forward-looking statements
Certain statements in this press release areforward-looking statements and are prospective in nature.Forward-looking statements are not based on historical facts, butrather on current expectations and projections about future events,and are therefore subject to risks and uncertainties which could causeactual results to differ materially from the future results expressedor implied by the forward-looking statements. These statementsgenerally can be identified by the use of forward-looking words suchas “may”, “should”, “will”, “could”, “intend”,“estimate”, “plan”, “anticipate”, “expect”,“believe” or “continue”, or the negative thereof or similarvariations. Forward-looking statements in this news release includestatements regarding the use of proceeds of the Offering. Suchstatements are qualified in their entirety by the inherent risks anduncertainties that the proceeds of the Offering may be used other thanas set out in this news release and other factors beyond the controlof the Company. Such forward-looking statements should therefore beconstrued in light of such factors, and the Company is not under anyobligation, and expressly disclaims any intention or obligation, toupdate or revise any forward-looking statements, whether as a resultof new information, future events or otherwise.
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