Stockwatch

Looking Glass Labs Ltd
Symbol	NFTX
Shares Issued	141,587,668
Close 2023-06-01	C$ 0.02
Market Cap	C$ 2,831,753
Recent Sedar Documents

Looking Glass arranges $367,500 shares for debt deal

2023-06-01 19:06 ET - News Release

News Release Subject: Looking Glass Labs Ltd. - NFTX - News Release Word Document File: '\\swfile\EmailIn\20230601 160144 Attachment Looking Glass Labs - Hybrid Debt Settlement PR Final.docx' N E W S R E L E A S E Looking Glass Labs Announces Issuance of 7,350,000 Common Shares at a Deemed Value of $0.05 per Share to Settle a Debt of $367,500 Vancouver, British Columbia - June 1, 2023 / Cision / - Looking Glass Labs Ltd. ("LGL" or the "Company") (NEO: NFTX) (AQSE: NFTX) (OTC: LGSLF) (FRA: H1N), announces that it has entered into debt settlement agreement with an arm's-length creditor to eliminate an aggregate of $367,500 of indebtedness of the Company (the "Debt Settlement"), through the issuance of an aggregate of 7,350,000 common shares in the capital of the Company (the "Common Shares"). The Common Shares to be issued pursuant to the Debt Settlement will be subject to a hold period of four months plus a day from the date of issuance. The Debt Settlement is effective as of the date hereof. The Issuer is currently seeking and will need to secure new sources of working capital to continue operations. The Issuer's plan is to actively secure sources of funds, including possible equity and debt financing options, while at the same time focus on exercising careful cost control to sustain operations and, if necessary, the Issuer will curtail spending. Financings are dependent on market conditions and there can be no assurance the Company will be able to raise funds in the future. As a result of challenging current capital market conditions and the Issuer's business market sector, comprised of blockchain technology, metaverse development and nonfungible token product offerings, experiencing economic challenges, the Issuer has not been able to secure equity or debt funding for working capital. Under the current circumstances as summarized above, the board of directors of the Issuer, acting in good faith, has determined that the Issuer is in serious financial difficulty, that the Debt Settlement is designed to improve the Issuer's financial position and that the terms of the Debt Settlement are reasonable in the Issuer's circumstances. ABOUT LOOKING GLASS LABS Headquartered in Vancouver, British Columbia, Looking Glass Labs ("LGL") is a Web3 innovation platform specializing in consumer engagement applications to leverage immersive metaverse environments, play-to-earn tokenization and blockchain monetization strategies. Its leading brand, House of Kibaa ("HoK"), designs and curates a next generation metaverse for 3D assets, which allows functional art and collectibles to exist simultaneously across different NFT blockchain environments. To view LGL's current investor presentation, please visit https://www.lgl.io/investors. To join LGL's mailing list, please subscribe via the following link: https://www.lgl.io/contact-us. On behalf of LOOKING GLASS LABS LTD. "Dorian Banks" Dorian Banks, Chief Executive Officer For further information, please contact: Dorian Banks Toll-Free: +1 833 LGL-NFTX (833-545-6389) Email: info@lgl.io Twitter: @LGL_io Forward-Looking Information This news release contains "forward-looking statements." Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things: the continued development of Pocket Dimension, development of immersive metaverse environments, play-to-earn tokenization and blockchain monetization strategies; pursuing partnerships to monetize blockchain and Web3 opportunities; and the near-term projects and future projects. The material assumptions supporting these forward-looking statements include, among others, that: the Company could mitigate the risks associated with the blockchain and NFT industry; the ability to compete with other businesses in the NFT market; the availability of sufficient funding to carry out the Company's business development plans; favourable market conditions; the ability of HoK to sell all or substantially all of its product offerings; and the market acceptance for its products. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the continued growth and adoption of NFT and metaverse offerings by the consumer market; the cost of developing and designing NFTs and metaverses is economically viable; the Company being able to attract and retain a sufficient workforce with desired skillsets to develop the Company's NFT and metaverse offerings; the availability of offerings provided by third-parties in the NFT, metaverse development and online gaming market to identify potential transactions; the increasing adoption of NFTs as a solution for various online gaming, entertainment and collectible uses; the Company having the ability to mitigate the risks associated with the blockchain and NFT industry; and the ability to compete with other businesses in the NFT, metaverse development, content creation and collectibles market. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the risk that the Company's offerings are not accepted by the consumer, the risk that other competitors may offer similar digital offerings; the risk that there may be negative changes in general economic and business conditions; the risk that the Company may have negative operating cash flow and not enough capital to complete the development of any of its technologies; the risk that the Company may not be able to obtain additional financing as necessary; the risk that there may be increases in capital and operating costs; the risk that the NFT technology may be subject to fraud and other failures; the risk that there may be technological changes and developments in the blockchain that make the NFT solutions obsolete; risks relating to regulatory changes or actions which may impede the development or operation of the blockchain solutions; the risk that other competitors may release similar blockchain offerings; the potential future unviability of the NFT market in general; the volatile cost of the amount of computational effort required to execute specific operations on the blockchain, and other general risks involved in the blockchain solutions. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure materials, including its reports filed with the Canadian securities regulators and which can be obtained from www.sedar.com. Any of these risks may cause the Company's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Further, although the Company has attempted to identify factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, levels of activity, performance or achievements not to be as anticipated, estimated or intended. These forward- looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada. Although the Company believes that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. The Company does not assume any liability for disclosure relating to any other company mentioned herein. SOURCE: LOOKING GLASS LABS LTD.