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VANCOUVER, B.C. / ACCESSWIRE / May 26, 2020 / YDX Innovation Corp. (TSXV:YDX)(OTC PINK:YDRMF)(FSE:A2PB03) ("YDX" or the "Company"), is pleased to announce that further to its press release dated April 16, 2020, the Company has closed the first tranche of a non-brokered private placement financing (the "Financing") of unsecured convertible debentures (each, a "Debenture") pursuant to which the Company issued Debentures in the aggregate principal amount of $181,000 (the "Principal Amount") to five subscribers. The Company intends to use the gross proceeds of $181,000 from the Financing for general working capital purposes.
The terms of the Debentures include:
- a maturity date of two years from the date of issuance (the "Maturity Date");
- repayment of the Principal Amount on the Maturity Date, unless earlier converted into common shares of the Company at the option of the holder at a conversion price of $0.085 per share;
- payment of interest (the "Interest") to the holder at the rate of 10% per annum, which Interest is payable quarterly only in cash; and
- the Company may prepay, without bonus or penalty, the outstanding Principal Amount, plus accrued but unpaid Interest, on at least sixty (60) business days' written notice to the holder.
All securities issued in the first tranche of the Financing are subject to a statutory hold period expiring four months and one day from the closing date.
About YDX Innovation
YDX Innovation Corp. (TSXV:YDX:: www.ydxinnovation.com) is a technology company that develops products and services and is an expert in immersive technologies like Augmented and Virtual Reality, eSports events and Interactive Exhibitions under the following three divisions:
Arkave VR Arena - https://sales.arkavevr.com/ - a gaming platform that brings the most immersive Virtual Reality experience to Location-Based venues with a highly scalable business model. Developed as an all-in-one gamers haven featuring state-of-the-art free room tech right down to the most nostalgic gaming systems.
YDreams Global - www.ydreamsglobal.com - have developed over 1,300 interactive experiences for clients all over the world such as Disney, NBA, Adidas, Cisco, Nokia, Nike, Mercedes-Benz, Coca-Cola, Santander, AmBev, Qualcomm, Unilever, City of Rio and Fiat.
BEAT Gaming - www.beat.gl - Founded in 2011, BEAT Gaming is an experienced Canadian esports company that has organized internationally recognized events such as the Dota 2, Overwatch and PUBG BEAT Invitational. Since its creation, BEAT has organized over 30 professional and semi-pro esports events, which have reached over 40 million views globally.
Game On Festival - www.gameonfestival.com - is an interactive entertainment event that celebrates the video game universe. Designed for gamers, families and fans of all ages, this Festival is a fusion of culture, entertainment and fun through Interactive Exhibits, Game Arenas, eSports Tournaments, high impact collective experiences, among other fun activities, all brought together in one large exhibition-style event.
More Information:
Daniel Japiassu
Director and CEO
[email protected]
(604) 704-6466
[email protected] | www.ydxinnovation.com | www.youtube.com/ydreamsglobal
This news release contains forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as statements that the Company expects to close the Financing in subsequent tranches and regarding the use of proceeds of the Financing. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions, including conditions arising as a result of the COVID-19 pandemic or otherwise; or (ii) the inability of the Company to close a second tranche of the Financing in a timely manner at all or on the terms announced. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. The Company 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: YDX Innovation Corp.