2023-12-27 16:51 ET – News Release
Ms. Latika Prasad reports
X1 ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
X1 Entertainment Group Inc. has arranged a non-brokered private placement of up to 7,142,857 units of the company at a price of seven cents per unit for gross proceeds of up to $500,000. Each unit will consist of one common share in the capital of the company and one share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional share at a price of 10 cents per warrant share for a period of 24 months from the date of closing.
The company intends to use the net proceeds from the offering for expenses related to its acquisition of the Manson Bay property, as set out its news release dated Dec. 4, 2023. Specifically, the proceeds will be used to pay professional fees in connection with the acquisition, which are anticipated to include legal, accounting and geological services in preparing a technical report on the Manson Bay property in compliance with the requirements of National Instrument 43-101 technical reports, as well as additional costs such as the payment of fees to the Canadian Securities Exchange and OTC Markets, and the cost of winding down three existing subsidiaries of X1 which were related to the prior business of the company. It is not anticipated that any amounts from the offering will be remaining after the payment of these expenses, however, should any amount be remaining, it would be credited toward the company’s working capital. Shareholders of the company will be required to approve the acquisition of the Manson Bay property prior to completion. The offering may close on one or more dates as the company may determine.
All securities issued in connection with the offering will be subject to a statutory hold period of four months and one day following the closing date in accordance with applicable Canadian securities laws.
About X1 Entertainment Group Inc.
X1 Entertainment Group is a portfolio company that has targeted assets across the gaming, e-sports, media and entertainment industries. Based in Vancouver, B.C., the company is publicly traded on the Canadian Securities Exchange under the ticker symbol (CSE: XONE).
We seek Safe Harbor.
