Champion Gaming Group Announces Closing of Private Placement of Units

Toronto, Ontario--(Newsfile Corp. - November 10, 2022) - Champion Gaming Group Inc. (TSXV: WAGR) ("Champion Gaming" or the "Company") is pleased to announce that, further to its press release of October 25, 2022, the Company has closed its non-brokered private placement through the issuance of 4,100,000 units (each, a "Unit") at a price of $0.075 per Unit for aggregate gross proceeds of $307,500 (the "Offering"). Each Unit is comprised of one common share (each, a "Common Share") in the capital of the Company and one Common Share purchase warrant (each, a "Warrant") in the capital of the Company. Each Warrant shall entitle the holder thereof to acquire one Common Share at a price of $0.15 per Common Share for a period of two (2) years from the closing of the Offering.

All securities issued pursuant to the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The net proceeds from the sale of the Units will be used for general working capital purposes.

In connection with the Offering, the Company paid certain eligible persons (each, a "Finder") cash commissions in the aggregate of $22,467.90 and issued the Finders an aggregate of 299,572 broker warrants (each, a "Broker Warrant"). Each Broker Warrant entitles the holder thereof to acquire one Common Share at a price of $0.15 per Common Share for a period of two (2) years from the closing of the Offering.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Champion Gaming

Champion Gaming is a sports content, data and analytics company that provides predictive and prescriptive analytical models and win probability applications and statistics in the sports industry for teams, media, fans, and bettors. The sports analytical and data solutions currently offered by Champion to its customers include: a fully customized probability engine; interactive sports matchup models; spread and over/under distributions; and sports statistics and historical data statistics.

Further information on Champion Gaming can be found on SEDAR at www.sedar.com.

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance of the Company. The use of any of the words "could", "intend", "expect", "believe", "will", "may", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the ability of the Company to successfully manage the risks inherent in pursuing business opportunities in the online gaming industry, and the ability of the Company to obtain qualified staff, equipment and services in a timely and cost-efficient manner to develop its business, the state of the capital markets, and the impact of the COVID-19 pandemic. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. Forward-looking information necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Such risks and factors include, but are not limited to, the risk that the Company's management is unable to obtain qualified staff, equipment and services in a timely and cost-efficient manner to develop its business. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

For further information, please contact:

Champion Gaming Group Inc.

Graham Simmonds
Chief Executive Officer
T: 416.843.2881
E: info@championgaming.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/143853