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VANCOUVER, British Columbia, June 29, 2022 (GLOBE NEWSWIRE) — X1 Esports & Entertainment (CSE: XONE) (“X1” or the “Company”), a games and media holding company is pleased to announce that its shares will begin trading on June 30, 2022 on the Canadian Securities Exchange (the “Swap”). X1 will trade under the ticker symbol “XONE”.
“We couldn’t be more proud of our organization reaching this milestone of listing on the Canadian Stock Exchange,” said Mark Elfenbein, CEO of X1. “In addition to our existing assets, there is an excellent opportunity to acquire companies in the games and creator economy markets that we believe can benefit immensely from being part of the X1 ecosystem.”
The Company completed its initial public offering (the “Offer”) for total gross proceeds of $3,111,669, consisting of the sale of 6,914,820 units (each a “Unity”) at a price of $0.45 per unit. The Offering was made pursuant to a definitive prospectus dated May 19, 2022 (the “Prospectus”). Each Unit consisted of one (1) ordinary share in the capital of the Company (a “Ordinary share”) and one (1) common share purchase warrant (a “To guarantee”). Each warrant will be exercisable for 2 years to purchase one additional common share at a price of $0.70.
A cash commission of $140,854 was paid to the Company’s agent, Research Capital Corporation (the “Agent”) as well as corporate financing costs of $30,000, which were paid by the issuance of 66,667 units, plus applicable taxes paid in cash. In addition, Agent and members of its selling group were granted 313,007 non-transferable agent options to acquire up to 313,007 common shares at a price of $0.70 per common share through June 29, 2024.
The proceeds of the Offering are expected to serve the purposes of the Company as disclosed in the Prospectus, which is available under the Company’s SEDAR profile at www.sedar.com.
The Company is an esports holding company that owns and operates a growing esports franchise, RixGG. The Company’s business is team-based video game competition for cash prizes, and operations ancillary to such competition, such as merchandising and organizing tournaments.
For more information about the company, visit www.X1Esports.com or email [email protected]
Mark Elfenbein, CEO
CSE does not accept responsibility for the adequacy or accuracy of this press release.
This press release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities laws (collectively “forward-looking statements”). Use of any of the words “will”, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-looking statements. Undue reliance should not be placed on such forward-looking statements. Actual results obtained may differ from the information provided herein due to numerous known and unknown risks, uncertainties and other factors. The Company believes that the expectations reflected in these forward-looking statements are reasonable, but there can be no assurance that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.