Vancouver, British Columbia--(Newsfile Corp. - March 18, 2019) - GLOBAL GAMING TECHNOLOGIES CORP. (CSE: BLOC.U) (FSE: BWSP)
(OTC Pink: BLKCF) ("GGAM", or the "Company") is pleased to announce that it has entered into an agreement (the
"Agreement") to obtain funds in order to help finance its game development pipeline.
This Agreement was entered into with European High Growth Opportunities Securitization Fund ("EHGO"), advised by Alpha
Blue Ocean Inc. ("Alpha Blue") a money manager based in London, United Kingdom with a strong track record of partnering with
public companies and delivering meaningful value to their shareholders.
Alpha Blue's advisee, EHGO, has agreed to subscribe for up to USD $5,600,000 aggregate principal amount of senior unsecured
convertible debentures (the "Notes") and accompanying warrants (the "Warrants"). The Notes shall be convertible into,
and the Warrants shall be exercisable for, common shares ("Common Shares") in the capital of the Company, at prices
to be determined at each closing under the Agreement.
The Notes and accompanying Warrants shall be issuable in 12 separate tranches (each a "Tranche"). The Company shall issue
the Notes in the principal amount of USD$550,000 for the first tranche (the "First Tranche") and the second tranche, and
shall issue Notes in the principal amount of USD$450,000 for each additional Tranche (each, a "Subsequent Tranche") and, in
respect of each Tranche, the accompanying Warrants, as applicable. The Notes shall bear no interest and the maturity date of the
Notes shall be the date that is 12 months after their applicable issue date.
Subject to regulatory compliance, the Notes shall be automatically converted into such number of Common Shares as is equal to
the aggregate principal amount of the Notes being converted divided by the applicable conversion price, immediately following the
earlier of: (i) five trading days after the delivery by the holder of a conversion notice, or (ii) the applicable maturity date of
the Notes. In the event of a default under the Notes, there is an option to have the Notes redeemed in cash.
On closing of the First Tranche the Company will also issue additional Notes representing a commitment fee equal to 5% of the
aggregate amount of the Notes issuable under the Agreement based on the committed amount of the total investment.
In addition to subscribing for the Notes, Alpha Blue has provided the Company with bridge financing in an aggregate amount of
USD$100,000, which will be repaid from the subscription proceeds of the First Tranche.
Further information regarding the financing terms can be found in the subscription agreement to be posted on SEDAR. This
financing ensures the Company has adequate working capital to continue its operations. The Company intends to use the proceeds from
the financing for general corporate purposes.
Pierre Vannineuse, Founder & CEO of Alpha Blue Ocean commented, "We are excited to partner with Global Gaming Technologies, our
first gaming company led by Nolan Bushnell, a great innovator and pioneer within the industry. This financing agreement will
provide the team with the flexibility to continue developing and distributing novel games to the marketplace such as Amazon's
Alexa-assisted board game: St. Noire."
Chairman and CEO of GGAM, Nolan Bushnell has commented, "This financing will allow us to fulfill our commitments as we launch
our first Amazon Alexa powered board game, St. Noire, where we have an exclusive partnership with Amazon. It also paves the way for
the release of our other innovative upcoming games. When producing high quality games and building inventory, it is crucial to have
financial partners like Alpha Blue Ocean to support our growth."
On behalf of the Company:
Nolan Bushnell, Chairman and CEO of the Company
info@globalblockchain.io
For more information, please contact:
Global Gaming Technologies Corp.
Investor Relations
ir@globalblockchain.io
800-689-8089
About Global Gaming Technologies Corp.
Global Gaming Technologies Corp. is a gaming industry holding company that provides investment exposure to digital interactive
entertainment in emerging technologies, such as Augmented Reality, Virtual Reality, and Artificial Intelligence, in addition to
eSports and traditional game platforms, such as mobile and console. It is focused on gamifying content using visual cinematics
across all platforms. The Company's strategy is to publish games and content that are immersive in storytelling, bold in design,
and technologically innovative.
The Company is managed by game and film industry pioneers. It is headquartered in Toronto, Canada with its primary game studio
in Los Angeles, California.
GGAM is listed on the Canadian Securities Exchange ("CSE") and its common shares trade under the ticker symbol "BLOC.U".
Additional information relating to GGAM is available on SEDAR at www.sedar.com, the CSE at www.theCSE.com, as well as on the Company's website at globalgaming.tech.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. Generally, any
statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified
by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases
or indicates that certain actions, events or results "may", "could", "would", "might" or "will be" taken, "occur" or "be achieved".
Forward-looking information includes, but is not limited to the Company's goal of streamlining the current arduous, lengthy and
complicated process that interested investors need to undergo in order to gain exposure to the digital interactive entertainment
space. The Company's business plan is conceptual in nature and there is no assurance that it will be implemented as set out herein,
or at all. Forward-looking information is based on certain factors and assumptions the Company believes to be reasonable at the
time such statements are made, including but not limited to: statements and expectations regarding the ability of the Company to
(i) successfully engage senior management with appropriate industry experience and expertise, (ii) gain access to and acquire a
basket of digital interactive entertainment assets and to participate in relevant financings on favourable terms or at all, (iii)
successfully publish its own games and content, (iv) execute on future M&A opportunities in the digital interactive
entertainment space; receipt of required regulatory approvals; the availability of necessary financing; permitting and such other
assumptions and factors as set out herein, and (v) the expected draw of Notes under the Company's agreement with Alpha Blue and the
setting of conversion and exercise prices and the anticipated payment of fees in connection with that agreement. Forward-looking
information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be materially different from those expressed or implied by such
forward-looking information, including but not limited to: risks related to fluctuating popularity of eSports titles; the
estimation of personnel and operating costs; general global markets and economic conditions; risks associated with uninsurable
risks; risks associated with currency fluctuations; competition faced in securing experienced personnel with appropriate industry
experience and expertise; risks associated with changes in the financial auditing and corporate governance standards applicable to
gaming companies; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalization and
liquidity risks including the risk that the financing necessary to fund continued development of the Company's business plan may
not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares
of the Company; the risk of litigation. Although the Company has attempted to identify important factors that could cause actual
results to differ materially from the forward-looking information set out in this presentation, there may be other factors that
cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will
prove to be accurate, as actual results and future events could differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking statements are made based on
management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to
update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required
by laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility
for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43497
