Mr. Rody Lazar reports
BOBA TO ARRANGE FINANCING LED BY ANDREW SHORE
Boba Mint Holdings Ltd. has arranged a non-brokered private placement of a minimum of 2.5 million common shares and a maximum of 7.5 million common shares at an issue price of 10 cents per share for gross proceeds to the company of a minimum of $250,000 and a maximum of $750,000.
The offering may close in one or more tranches, and the gross proceeds from the offering are intended to be used for general working capital purposes and may also be allocated to supporting additional game development at Werd Studios.
It is expected that Andew Shore, the chief executive officer and founder of Werd Studios, will subscribe for a minimum of 2.5 million common shares under the offering. The intended participation by Mr. Shore, an existing insider of the company, in the offering will constitute a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Any participation by Mr. Shore will be exempt from the formal valuation and minority shareholder approval requirements provided under MI 61-101 in accordance with sections 5.5(a) and 5.7(1)(a) of MI 61-101. The exemption is due to the fact that neither the fair market value of the private placement nor the fair market value of the consideration that may be paid by Mr. Shore under the private placement exceeds 25 per cent of the market capitalization of the company.
Closing of the offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the CSE. The securities issued pursuant to the offering will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities legislation.
"The progress we are seeing with Amino has been extremely promising, particularly in terms of user growth and engagement. Our focus now is on continuing to support the business as we scale and build on this momentum," stated Mr. Shore, chief executive officer and founder of Werd Studios.
About Boba Mint Holdings Ltd.
Boba Mint Holdings is a forward-thinking blockchain gaming and digital innovation company that develops and invests, directly and through its wholly owned subsidiary, Werd Studios, in innovative consumer apps and blockchain projects that blend cutting-edge technology, gamification and real-world utility. The company's mission is to create engaging products that people love using every day and that make a positive impact.
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