Mr. Matt Bailey reports

GAMEON ARRANGES $1.7M FUNDING TO FUEL MAJOR LEAGUE PUSH, LED BY LIGHTNING CAPITAL & FLOW

Gameon Entertainment Technologies Inc. has arranged a strategic financing with industry heavyweights Lightning Capital and Flow, the blockchain platform started by NBA Top Shot maker Dapper Labs. The funds will be used to accelerate Gameon's PLAYN3XT platform and acquisition of major league intellectual property partners.

The total amount raised will be $1.7-million from two instruments:

1. A series of convertible notes led by Lightning Capital, signed on June 8, 2023. The investment has a face value of $1.2-million and simple interest at the annual rate of 10 per cent per annum. Full terms of the investment are detailed below.
2. A non-dilutive grant from the Flow Ecosystem Fund, signed on June 5, 2023. The grant financing is subject to certain to-be-announced major league projects and milestones.

"Earning conviction from Web3 powerhouses is a nod to our team, product and business," said Gameon chief executive officer Matt Bailey. "We continue to surround ourselves with resources, people and organizations that foster success. We're aggressively honing in on major league IP acquisition that will return scaled profitability, fuelled by best-in-class product and execution."

Lightning Capital is a trusted digital asset investment firm combining deep Web3 knowledge and experience with a three-plus-year audited record. It offers investors diverse risk/reward exposure across three distinct funds. Lightning Venture Fund focuses on early-stage investments with the largest total addressable market in projects, protocols, and picks-and-shovels businesses that are providers of hardware, software and services to the digital asset and Web3 ecosystem. Lightning Capital targets 10 to 20 investments per fund and provides invaluable operational expertise to portfolio companies.

"Gameon's cutting-edge technology and proven ability to scale major brand partnerships is an exceptional investment opportunity," said Lightning Capital general partner Jock Percy. "Matt and team are world-class, and we're excited to help drive and operationally support their major league strategy as a long-term partner."

The Flow Ecosystem Fund is the largest joint commitment made toward any blockchain ecosystem. Flow is the blockchain platform started by Dapper Labs, the company behind NBA Top Shot. Dapper Labs' current studio partners include the NBA, NBPA, WNBA, WNBPA, LaLiga, Warner Music Group, Ubisoft, Genies and the UFC. Notable investors in Dapper Labs include Andreessen Horowitz, Coatue, Union Square Ventures, Venrock, Bond, GIC, Google Ventures (GV), Samsung, and the founders of Dreamworks, Reddit, Coinbase, Zynga and AngelList, among others.

"We're blown away by Gameon's next-generation fantasy sports platform," said senior vice-president, Flow Ecosystem partnerships, Mickey Maher. "There is a track record of IPs having huge success on Flow, like NBA Top Shot from Dapper Labs. We can't wait to share that knowledge, experience and network, and be a key strategic partner to Gameon's long-term success."

Gameon is hosting an investor webinar on July 6 to discuss the financing, financial filings and what is next for the company. Please e-mail matt@Gameon.app to be added to the event invite.

Terms of the investment

The convertible note forming the investment is offered on a non-brokered private placement basis. Simple interest will accrue at a rate of 10 per cent per annum. Unless earlier converted into common shares, the principal and accrued interest of the investment will be due and payable by Gameon to the holders of the investment on the date that is 24 months from the date of the issuance of the investment; prior to the maturity date with the acceptance of the holders (provided Gameon pays the holder all of the interest that would have been due had the holders held the investment until the maturity date), or upon demand by the holders. The investment plus any accrued but unpaid interest thereon will be convertible into shares of Gameon at a price of 10 cents per share. The securities issued will be subject to a four-month-one-day hold period from the date of issue of the convertible notes forming the investment, or the shares. The completion of the private placement remains subject to the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange. Proceeds of the offering will be used for general working capital purposes.

About Gameon Entertainment Technologies Inc.

Gameon partners with the world's biggest sports, media and entertainment IPs to launch brand-building, money-making Web3 games (with intuitive Web2-friendly rails). It turns fans into superfans -- engaging, retaining and monetizing audiences. With a diverse team of Web3, gaming and sports veterans with experience at Take-Two Interactive, Twitch, EA, Dapper Labs and the Brooklyn Nets, Gameon's platform is proven and executed at scale with millions of users, gameplays and revenue. Gameon has launched products for NBCUniversal, Bravo, Karate Combat, Times Internet, the WNBA, Dick's Sporting Goods and Gaming Society.

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