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Rivalry Corp (TSXV: RVLY) (OTCQX: RVLCF) has completed the initial tranche of a non-brokered private placement, raising approximately $1.94 million through the issuance of 12,930,707 units at $0.15 per unit. Each unit includes one subordinate voting share and half a warrant, with each full warrant exercisable at $0.25 for 12 months. The company may raise up to USD$3 million through additional closings. The initial tranche was primarily subscribed by insiders, family, friends, and long-term shareholders. Proceeds will be used for corporate development and working capital. The securities are subject to a four-month hold period.
Rivalry Corp (TSXV: RVLY) (OTCQX: RVLCF) ha completato la prima tranche di un collocamento privato non intermediato, raccogliendo circa 1,94 milioni di dollari attraverso l’emissione di 12.930.707 unità a 0,15 dollari per unità. Ogni unità comprende un’azione di voto subordinato e mezzo warrant, con ogni warrant completo esercitabile a 0,25 dollari per 12 mesi. L’azienda potrebbe raccogliere fino a 3 milioni di dollari USA attraverso ulteriori chiusure. La prima tranche è stata principalmente sottoscritta da membri interni, familiari, amici e azionisti a lungo termine. I proventi saranno utilizzati per lo sviluppo aziendale e per il capitale circolante. I titoli sono soggetti a un periodo di blocco di quattro mesi.
Rivalry Corp (TSXV: RVLY) (OTCQX: RVLCF) ha completado la primera tranche de una colocación privada no intermediada, recaudando aproximadamente 1,94 millones de dólares mediante la emisión de 12.930.707 unidades a 0,15 dólares por unidad. Cada unidad incluye una acción de voto subordinado y medio warrant, con cada warrant completo ejercitable a 0,25 dólares durante 12 meses. La empresa puede recaudar hasta 3 millones de dólares estadounidenses a través de cierres adicionales. La primera tranche fue suscrita principalmente por personas internas, familiares, amigos y accionistas a largo plazo. Los ingresos se utilizarán para el desarrollo corporativo y para el capital de trabajo. Los valores están sujetos a un período de retención de cuatro meses.
라이벌리 주식회사 (TSXV: RVLY) (OTCQX: RVLCF)는 중개인 없이 진행한 사모 배정의 첫 트랜치를 완료하고, 약 194만 달러를 모금했습니다. 12,930,707 단위를 주당 0.15달러에 발행했습니다. 각 단위는 하나의 종속 투표 주식과 절반의 워런트를 포함하며, 각 전체 워런트는 0.25달러에 12개월 동안 행사할 수 있습니다. 회사는 추가 마감을 통해 최대 300만 달러를 모금할 수 있습니다. 첫 번째 트랜치는 주로 내부자, 가족, 친구 및 장기 주주에 의해 구독되었습니다. 수익은 기업 개발 및 운영 자본에 사용됩니다. 증권은 4개월의 보유 기간의 적용을 받습니다.
Rivalry Corp (TSXV: RVLY) (OTCQX: RVLCF) a complété la première tranche d’un placement privé non courtier, levant environ 1,94 million de dollars grâce à l’émission de 12 930 707 unités au prix de 0,15 dollar par unité. Chaque unité comprend une action de vote subordonné et un demi-warrant, chaque warrant complet pouvant être exercé à 0,25 dollar pendant 12 mois. L’entreprise peut lever jusqu’à 3 millions de dollars américains par le biais de fermetures supplémentaires. La première tranche a été principalement souscrite par des initiés, des membres de la famille, des amis et des actionnaires de longue date. Les produits seront utilisés pour le développement de l’entreprise et le fonds de roulement. Les titres sont soumis à une période de blocage de quatre mois.
Rivalry Corp (TSXV: RVLY) (OTCQX: RVLCF) hat die erste Tranche einer nicht vermittelten Privatplatzierung abgeschlossen und etwa 1,94 Millionen Dollar durch die Ausgabe von 12.930.707 Einheiten zum Preis von 0,15 Dollar pro Einheit gesammelt. Jede Einheit umfasst eine nachgeordnete Stimmaktie und eine halbe Option, wobei jede volle Option für 12 Monate zu 0,25 Dollar ausgeübt werden kann. Das Unternehmen kann bis zu 3 Millionen Dollar durch weitere Schließungen sammeln. Die erste Tranche wurde hauptsächlich von Insidern, Familie, Freunden und langfristigen Aktionären gezeichnet. Die Erlöse werden für die Unternehmensentwicklung und das Betriebskapital verwendet. Die Wertpapiere unterliegen einer Haltedauer von vier Monaten.
Positive
- Successfully raised $1.94 million in initial funding
- Strong insider and long-term shareholder participation showing confidence
- Potential for additional funding up to USD$3 million
Negative
- Dilutive effect on existing shareholders
- Low unit price of $0.15 indicates potential undervaluation
- Relatively short warrant exercise period of 12 months
TORONTO, Nov. 26, 2024 (GLOBE NEWSWIRE) — Rivalry Corp. (the “Company” or “Rivalry“) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for digital-first players, is pleased to announce that it has closed the initial tranche of a non-brokered private placement of 12,930,707 units of the Company (the “Units“), at a price of $0.15 per Unit, for aggregate gross proceeds of approximately $1.94 million (the “Offering“).
The Company may complete one or more additional closings, for aggregate gross proceeds (together with the proceeds raised under the initial closing) of up to approximately USD$3 million. Unless otherwise noted, all dollar figures are quoted in Canadian dollars.
“This initial tranche of our non-brokered private placement was primarily subscribed to by insiders, family and friends, and long-term shareholders,” said Steven Salz, Co-Founder and CEO of Rivalry. “This commitment and demonstration of support is deeply gratifying as we press ahead into a new chapter for the Company.”
Each Unit is comprised of one (1) subordinate voting share in the capital of the Company (each, a “Subordinate Voting Share“) and one-half of one (1/2) Subordinate Voting Share purchase warrant (each whole warrant, a “Warrant“). Each Warrant is exercisable into one Subordinate Voting Share in the capital of the Company (each, a “Warrant Share“) at a price of $0.25 per Warrant Share for a period of 12 months from the date hereof, subject to the Company’s right to accelerate the expiry date of the Warrants upon 30 days’ notice in the event that the closing price of the Subordinate Voting Shares is equal to or exceeds $0.50 on the TSX Venture Exchange (or such other recognized Canadian stock exchange as the Subordinate Voting Shares are primarily traded on) for a period of 10 consecutive trading days.
The Company intends to use the proceeds from the Offering for corporate development and general working capital purposes.
The Subordinate Voting Shares and Warrants, and any securities issuable upon exercise thereof, are subject to a four-month statutory hold period, in accordance with applicable securities legislation.
The Company has paid an aggregate of $14,953.74 in finder’s fees in connection with the closing of the first tranche of the Offering.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any applicable state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirements is available.
1,333,300 Units were issued to Steven Isenberg, a director of the Company and a “related party” (within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“)) and such issuance is considered a “related party transaction” for the purposes of MI 61-101. Such related party transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities being issued to the related parties nor the consideration being paid by the related parties exceeded 25% of the Company’s market capitalization. The purchasers of the Units and the extent of such participation were not finalized until shortly prior to the completion of the Offering. Accordingly, it was not possible to publicly disclose details of the nature and extent of related party participation in the transactions contemplated hereby pursuant to a material change report filed at least 21 days prior to the completion of such transactions.
About Rivalry
Rivalry Corp. wholly owns and operates Rivalry Limited, a leading sport betting and media company offering fully regulated online wagering on esports, traditional sports, and casino for the digital generation. Based in Toronto, Rivalry operates a global team in more than 20 countries and growing. Rivalry Limited has held an Isle of Man license since 2018, considered one of the premier online gambling jurisdictions, as well as an internet gaming registration in Ontario, and is currently in the process of obtaining additional country licenses. With world class creative execution and brand positioning in online culture, a native crypto token, and demonstrated market leadership among digital-first users Rivalry is shaping the future of online gambling for a generation born on the internet.
Company Contact:
Steven Salz, Co-founder & CEO
ss@rivalry.com
416-565-4713
Investor Contact:
investors@rivalry.com
Media Contact:
Cody Luongo, Head of Communications
cody@rivalry.com
203-947-1936
Neither the TSX Venture Exchange 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 press release.
Cautionary Note Regarding Forward-Looking Information and Statements
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions.
Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include regulatory or political change such as changes in applicable laws and regulations; the ability to obtain and maintain required licenses; the esports and sports betting industry being a heavily regulated industry; the complex and evolving regulatory environment for the online gaming and online gambling industry; the success of esports and other betting products are not guaranteed; changes in public perception of the esports and online gambling industry; failure to retain or add customers; the Company having a limited operating history; negative cash flow from operations; operational risks; cybersecurity risks; reliance on management; reliance on third parties and third-party networks; exchange rate risks; risks related to cryptocurrency transactions; risk of intellectual property infringement or invalid claims; the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and general economic, market and business conditions. For additional risks, please see the Company’s MD&A dated April 30, 2024 and other disclosure documents available on SEDAR+ at www.sedarplus.ca.
No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Source: Rivalry Corp.
FAQ
How much did Rivalry Corp (RVLCF) raise in its initial private placement tranche?
Rivalry Corp raised approximately $1.94 million in the initial tranche of its non-brokered private placement.
What is the price per unit in Rivalry Corp’s (RVLCF) private placement?
The units were priced at $0.15 each, with each unit consisting of one subordinate voting share and half a warrant.
What is the warrant exercise price and period for Rivalry Corp’s (RVLCF) private placement?
The warrants are exercisable at $0.25 per share for a period of 12 months, with an acceleration clause if shares trade at $0.50 or higher for 10 consecutive days.
