An insider of the NFT Technologies participated in the Tranche One Financing and acquired 1,000,000 units
NFT Technologies, a technology company partnering with top-tier brands to accelerate their entry into the world of web3 through innovative technologies and unparalleled creativity, has announce it has closed the first tranche of the previously announced non-brokered private placement dated 24February 2023, raising gross proceeds of $350,000 through the issuance of 7,000,000 units at a price of $0.05 per unit (“Tranche One Financing”). Each unit consists of one common share (each a “Common Share”) of the Company and one-half of one purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant is exercisable into one Common Share at the price of $0.10 per share (the “Warrant Share Price”) for a period of six months following the closing of the Private Placement.
An insider of the NFT Technologies participated in the Tranche One Financing and acquired 1,000,000 units (“Insider Participation”), and is considered to be a related party transaction within the meaning of Multilateral Instrument 61-101 (“MI 61-101”). The NFT Technologies relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the Insider Participation, as neither the fair market value of any shares issued to, nor the consideration paid by such persons, will exceed 25% of the NFT Technologies’ market capitalization.
The NFT Technologies intends to use the net proceeds from the Tranche One Financing to fund general corporate working requirements. Completion of the Tranche One Financing is subject to receipt of final applicable regulatory approvals including the approval of the NEO Exchange. All securities issued in connection with the Tranche One Financing will be subject to a hold period of four months and one day. Under the first tranche of the Private Placement, the Company paid cash finders’ fees of $12,000.
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