Vancouver, British Columbia – Friday, February 7, 2020 – AMPD Ventures Inc. (“AMPD” or the “Company”, CSE: AMPD; FRA: 2Q0) is pleased to announce the closing of the previously announced private placement financing for gross proceeds the amount of CAD $978,262.50 (the “Private Placement”). Under the Private Placement, the Company issued 4,119,000 units (each, a “Unit”) at a price of CAD $0.2375 per Unit. Each Unit is comprised of one common share and one-half of one common share purchase warrant having an exercise price of CAD $0.50 and a term of 12 months from the date of closing of the Private Placement. As previously announced in the Company’s news release dated January 10, 2020, the Private Placement initially contemplated the issuance and sale of up to 4,000,000 Units, but the size of the Private Placement was subsequently increased by the Company.
The Private Placement remains subject to regulatory approval and all securities issued will be subject to a four-month hold period.
As noted previously, the Company intends to use the proceeds from the Private Placement for expansion, key staff hiring, and general working capital purposes.
Anthony Brown, CEO of the Company, and Paul Mari, VP Operations of the Company, each purchased 363,000 Units under the Private Placement. For further details concerning the Private Placement, including the participation by such insiders, please refer to the Company’s news release dated January 10, 2020.
Change of Year-End
AMPD also announces that it is changing its fiscal year-end to May 31, from its current fiscal year-end of February 28. The notice for the year-end change required under National Instrument 51-102 has been filed under the Company’s profile at www.sedar.com.
AMPD believes this change of year-end will better align the Company’s financial reporting periods to that of its operating subsidiary.
As a result, AMPD will report audited financial results for a fifteen-month transitional fiscal year from March 1, 2019 to May 31, 2020 with a comparative of twelve-month audited financial statements from June 1, 2018 to May 31, 2019. Subsequently, AMPD will revert to a customary quarterly reporting calendar based on a May 31 financial year-end, with fiscal quarters ending on the last day in August, November, February, and May each year.
About AMPD Ventures Inc.
AMPD specializes in providing high performance cloud and compute solutions for low latency applications, including video games and eSports, digital animation and visual effects, and big data collection, analysis and visualization.
ON BEHALF OF THE BOARD OF DIRECTORS
/s/ “Anthony Brown”