NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
VANCOUVER, British Columbia, March 11, 2021 (GLOBE NEWSWIRE) — Victory Square Technologies Inc. (CSE: VST, OTC: VSQTF, FWB: 6F6) (the “Company” or “VST“) is pleased to announce that its portfolio company GameOn Entertainment Technologies Inc. (“GameOn“) has closed its previously announced and oversubscribed non-brokered private placement financing (the “Financing“) of 16,505,536 subscription receipts (the “Subscription Receipts“) at a price of $0.35 per Subscription Receipt, for gross proceeds of approximately $5.8 million.
The proceeds of the Financing (the “Escrowed Funds“) have been deposited in escrow pursuant to the terms of a subscription receipt agreement (the “Subscription Receipt Agreement“) dated March 11, 2021 between GameOn and Odyssey Trust Company as subscription receipt agent. The Escrowed Funds will be held in escrow pending satisfaction of all of the escrow release conditions pursuant to the terms of the Subscription Receipt Agreement including, but not limited to, the Company receiving all applicable regulatory approvals and completing the listing of its common shares (“GameOn Shares“) on the Canadian Securities Exchange (the “CSE“) as well as receipt of a final prospectus of GameOn (the “Escrow Conditions“).
Upon satisfaction of the Escrow Conditions, the Escrowed Funds, after deducting certain finder’s fees payable to certain finders in connection with the…