(TheNewswire)
Calgary, Alberta - TheNewswire - December 20, 2023 - VIP Entertainment Technologies Inc. (TSXV:VIP)(OTC:VETIF)(“VIP” or the “Company”) is undertaking a non-brokered private placement of upto13,000,000units(the"Units")oftheCompanyatapriceof$0.05perUnitforgrossproceeds to the Company of up to $650,000 (the "Offering").The Units will be offered under the listed issuer financing exemption and as such will not be subject to resale restrictions pursuant to applicable Canadian securities laws (see below).
EachUnitwillcompriseofonecommonshareoftheCompanyandonehalfsharepurchasewarrant (a "Warrant"). Each whole warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.10 for a period of 18 months from the date of issuance. The Company does not intend to list the warrants for trading.
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 -Prospectus Exemptions("NI 45-106"), the Offering is being made to purchasersresidentineachoftheProvincesofCanada,exceptQuebec,pursuanttothelistedissuer financingexemptionunderPart5AofNI45-106(the"Exemption").Thesecuritiesofferedunder the Exemption will not be subject to a hold period in accordance with applicable Canadian securitieslaws.Thereisanofferingdocument(the"OfferingDocument")relatedtotheOffering that can be accessed under the Company's profile atwww.sedarplus.caand on the Company's website at:www.vipentertaingroup.com. Prospective investors should read this Offering Document before making an investment decision.
VIP will use the net proceeds raised from the offering for expansion of its existing business and for general working capital purposes.
Upon closing of the Offering, the Company may pay to eligible third parties a finder's fee of up to 8% of the aggregate gross proceeds of the Offering in consideration for the introduction of subscribers to the offering.
The Offering is scheduled to close on or about January 31, 2024 (the "Closing Date") and completion of the Offering is subject to certain conditions including the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
Thispressreleaseshallnotconstituteanoffertosellorthesolicitationofanoffertobuysecurities inthe United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will theybe,registeredundertheUnitedStatesSecuritiesActof1933,asamended(the"1933Act")or under any U.S. state securities laws, and may not be offered or sold inthe United Statesabsent registration or an applicable exemption from the registration requirements of the 1933 Act, as amended, and applicable state securities laws.
About VIP Entertainment Technologies Inc.
VIP delivers sports betting, casino games and poker through its VIP Bets platform. In addition, it has recently launched its Free to Play platform, VIPFree2Play, which offers engagement and entertainment tools to users around the world. The Company is focused on a growth through affiliate relationship and networking strategy to increase its core business while keeping its cost of player acquisition at industry low levels. By acquiring customers efficiently and cheaply VIP will be able to keep costs down and margins high. Since 2016, VIP has handled approximately
$150,000,000 in wagers through its licensed online gaming services.
For further information please visit www.vipentertaingroup.comor contact:
Randy Jennings - Chief Executive Officer
+1-403-899-9319
randy@vipentertaingroup.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that VIP anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass.
Forward-looking statements are based on assumptions, including expectations and assumptions concerning the Company’s growth plan. While VIP considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not toplaceunduerelianceonforward-lookingstatements.In addition,forward-lookingstatements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; future legislative, tax and regulatory developments. Readers are cautioned that the foregoing list is not exhaustive and other risks set out in public disclosure recorded and filed under the Company’s profile on www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of VIP which are available on SEDAR at www.sedar.com. Forward-looking statements contained in
this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. VIP disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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