Mr. Matt Bailey reports

GAMEON CONFIRMS CLOSING OF PREVIOUSLY ANNOUNCED FINANCING, INCREASED TO $1.81M

GameOn Entertainment Technologies Inc. has closed a strategic financing from industry heavyweights Lightning Capital and Flow Ecosystem Fund, 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 IP partners.

The total amount raised is $1.81-million from two instruments:

1. A series of convertible notes led by Lightning Capital, signed between June 8 and June 28, 2023. The investment has a face value of $1.31-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, signed on June 5, 2023. The grant funding 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."

"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."

"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."

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-plus-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.

Correction of previous press release

GameOn also corrects the news release issued on June 13, 2023, in which it announced that it had closed the financing transaction described in this press release. The prior news release should have indicated that GameOn was announcing the financing transaction, not closing it.

About GameOn Entertainment Technologies Inc.

GameOn (Canadian Securities Exchange: GET) (OTCQB: GMETF) partners with the world's best 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, the company has a platform proved 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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