Stompy Bot Corporation Announces Closing of Non-Brokered Private Placement
Saint John, New Brunswick--(Newsfile Corp. - November 29, 2017) - Stompy Bot Corporation (CSE: BOT) (the "Corporation") is pleased to announce that it has closed its previously announced non-brokered private placement for gross proceeds of $2,000,000 through the issuance of 40,000,000 units ("Units") of the Company at a price of $0.05 per Unit (the "Offering"). Each Unit consists of one common share (a "Common Share") of the Company and one Common Share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.10 for a period of twenty-four (24) months following the closing of the Offering.
Certain eligible persons (the "Finders") were paid a cash commission equal to 7% of the gross proceeds raised from subscribers introduced to the Corporation by such Finders and also issued an aggregate of 2,800,000 finder warrants (the "Finder Warrants") to such Finders, each Finder Warrant entitling the holder to acquire one Common Share at a price of $0.05 for a period of twenty-four (24) months from the date of issuance.
Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the Canadian Securities Exchange. All securities issued in connection with the Offering are 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 proceeds of the Offering will be used to develop and commercialize the business of Token and Stompy Bot Productions Inc., and for general working capital purposes.
About Stompy Bot Productions
Stompy Bot is an independent video game developer and digital media publisher. Stompy Bot's growth strategy is to become a premier independent multimedia publisher. Stompy Bot's indie philosophy is to identify and acquire unique video game properties, apply innovative technologies, game development expertise, partner with movie studio resources and manage entertainment brands through a global media marketing approach. Stompy Bot is the exclusive Heavy Gear digital games license holder and publisher of Heavy Gear Assault, a next generation PC title using Epic Game's latest Unreal Engine 4 technology. For more information visit www.stompybot.com.
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Stompy Bot Corporation
Certain information set forth in this news release may contain forward-looking information that involve substantial known and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. The parties undertake no obligation to update forward-looking information except as otherwise may be required by applicable securities law.