Victory Square Portfolio Company V2 Games Inc. Announces Private Placement of $3,000,000 CAD
… raising capital for investments in new royalty generating gaming projects and stand-alone go-public strategy
VANCOUVER, British Columbia, Oct 24, 2019 — Victory Square Technologies Inc. (“Victory Square”) (CSE:VST) (OTC:VSQTF) (FWB:6F6) is pleased to announce portfolio company, V2 Games Inc. (“V2 Games” or the “Company”), is raising $3,000,000 CAD in a private placement offering (the “Private Placement”) of unsecured convertible debentures (each, a “Debenture”) for gross proceeds of $3,000,000 at an $8,300,000 Valuation. The Company intends to use the net proceeds of the private placement for investments in royalty generating gaming projects, general working capital purposes and preparations for a 2020 Q1 public listing.
Each Debenture issued pursuant to the Private Placement has an issue price of $1,000, a term of two years from the date of issuance and will accrue interest at a rate of 8% per annum. The principal amount of the Debentures, plus accrued and unpaid interest, will be payable in cash on the maturity date unless otherwise converted into common shares of V2 Games prior to such date.
V2 Games is a video and mobile game ventures firm focusing on royalty investments in high-value gaming projects featuring globally-recognized intellectual properties. The company generates cash flow by streaming revenue share from recognizable gaming projects. Examples of these projects include Pacific Rim: Breach Wars, Rune: Ragnarok, and Hello Kitty. V2 Games previously developed the hit mobile game PAC-MAN Bounce, which got over 20 million downloads.
V2 Games has also incubated and invested in some leading eSports start-ups, including Pepper Esports Inc. and Cash Live. Cash Live recently received an additional $150,000 USD investment from SnapChat.
V2 Games intends to use the net proceeds of the Private Placement for investments in royalty generating gaming projects, general working capital purposes and to prepare for an arrangement to potentially spin-out V2 Games.
“It has been exciting to witness and be a part of the rapid growth of this space in recent years,” said Shafin Diamond Tejani, Chief Executive Officer of Victory Square. “This financing will allow us to build on our growing portfolio of high-value gaming projects featuring globally recognized intellectual properties and our strategy to maximize shareholder value, which includes working towards the arrangement to spin-out V2 Games.”
For further information about the Company, please contact:
Investor Relations Contact – Alex Tzilios
Shafin Diamond Tejani, CEO & Director
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This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square, including, without limitation, statements relating to V2 Games, the Private Placement, the conversion of the Debentures, the use of proceeds of the Private Placement, the Agreement, the conversion of amounts owing to Victory Square under the Agreement, a potential Liquidity Event by V2 Games and other factors beyond our control. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.