AMPD Ventures Inc (CSE:AMPD, OTCQB:AMPDF) said it has closed the fourth and final tranche of its oversubscribed non-brokered private placement, announced on October 25, 2022, for gross proceeds of C$570,748.
In conjunction with the closing, the company issued an additional 4,076,773 units at a price of C$0.14 each, resulting in a total issuance for the private placement of 15,969,681 units for total gross proceeds of C$2,235,755.
The company said it intends to use the proceeds from the private placement for the deployment of AMPD infrastructure, to increase headcount, and for general working capital purposes.
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Each unit in the private placement is comprised of one common share of the company and one common share purchase warrant, with each unit warrant entitling the holder to subscribe for one additional common share at an exercise price of C$0.20 each for a period of 24 months following the date of the offering's closing.
In connection with the fourth and final tranche, the company said it paid certain finders C$20,699 in cash, and 147,850 unit warrants as finder’s fees, resulting in total finder’s consideration across the private placement of C$111,752.71 in cash and 798,234 in unit warrants.
All securities issued under the private placement are subject to a four-month and one-day hold period, and completion of the financing is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the Canadian Securities Exchange.
AMPD Ventures is building the world’s best suite of tools and technologies for digital content creation and distribution. Through its operating subsidiaries, AMPD Technologies Inc and Departure Lounge Inc, AMPD is advancing the way that digital content is created and consumed. By combining the power of a high-performance-edge approach to cloud computing with world-leading media production technologies, AMPD enables companies to enter the next era of the internet.
Contact the author at jon.hopkins@proactiveinvestors.com