FYI
Metaworks to acquire UtopiaVR assets
2023-06-20 17:07 ET - News Release
Mr. Scott Gallagher reports
METAWORKS SIGNS AGREEMENT TO ACQUIRE THE ASSETS OF UTOPIAVR
Metaworks Platforms Inc. has signed a definitive agreement to acquire the assets of Apex VR Holdings Inc., the owner of the UtopiaVR.com metaverse platform.
Under the terms of the agreement, MetaWorks will acquire the assets of UtopiaVR, including its Web3 business metaverse technology platform and domain portfolio, including UtopiaVR.com. The acquisition also includes patent pending IP (intellectual property) technology relating to metaverse haptics that will hold potential for future development and licensing opportunities.
Consideration for the acquisition includes: (i) the issuance of seven million shares of common stock of the company; (ii) the issuance of a convertible promissory note in the principal amount of $700,000 (U.S.), which note matures on the first anniversary of the date of issuance and is convertible into shares after the date that is six months after the date of issuance at a conversion price of 10 U.S. cents per share; and (iii) the issuance of a convertible promissory note in the principal amount of $154,250 (U.S.), which matures on Dec. 15, 2023, and is convertible into shares after the date that is six months after the date of issuance at a conversion price of 10 U.S. cents per share.
About Metaworks Platforms Inc.
Metaworks Platforms is an award-winning Web3 company that owns and operates blockchain platforms in the entertainment technology space that empower Fortune 5000 brands to create and monetize content for their communities empowering their transition to Web3. MetaWorks Platforms owns and operates movie distribution platform Vuele.io and MusicFX.io, its fan engagement platform that creates deeper connections between fans and artists using Web3 technologies.
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