Playground Ventures Announces Closing of First Tranche of Non-brokered Financing
Toronto, Ontario--(Newsfile Corp. - June 29, 2021) - Playground Ventures Inc. (CSE: PLAY) (the "Company" or "Playground") is pleased to announce that further to its press release of June 10, 2021, the Company has closed the first tranche of its non-brokered private placement through the issuance of 4,938,214 units (the "Units") at a price of $0.35 per Unit for gross proceeds of $1,728,374. Each Unit is comprised of one common share in the capital of the Company (a "Common Share") and one half of one whole Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at a price of CDN$0.70 per Common Share for a period of eighteen (18) months from the date of issuance.
In connection with the Offering, the Company paid certain eligible persons (the "Finders") a cash commission of $56,147.70, equal to 7% of the gross proceeds of the Offering delivered by the Finders. The net proceeds of the Offering from the sale of the Units will be used by the Company for general working capital purposes. 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.
ThreeD Capital lead this investment
"Playground offers investors a unique opportunity to participate in a diversified portfolio of cash flow market ready assets and early-stage venture companies. As the management and advisory team continues to build its industry presence, their ability to identify and complete new acquisition and partnerships will build shareholder value." - Sheldon Inwentash, CEO of ThreeD Capital.
In addition to ThreeD Capital's lead investment into Playground, Mr. Inwentash currently sits on the Company's advisory board.
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 ThreeD Capital Inc.
ThreeD is a publicly-traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors. ThreeD's investment strategy is to invest in multiple private and public companies across a variety of sectors globally. ThreeD seeks to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services and access to the Company's ecosystem.
For further information, please contact:
Jon Gill, Chairman
Forward Looking Information
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
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