Looking Glass Labs Ltd announced that it has closed a non-brokered private placement of 5,000,000 units of the company issued at a price of C$0.50 per unit for gross proceeds of C$2.5 million. Each unit is comprised of one common share and one share purchase warrant. Each warrant entitles the holder to purchase one additional share for a period of 60 months at an exercise price of C$1.25 per share.
The Vancouver, British Columbia-based company said that proceeds from the offering will be used for general working capital purposes.
The company noted that finder's fees of C$15,900 in cash, 145,950 in shares, and 31,800 in broker warrants have been paid to qualified parties. The broker warrants have been issued with the same terms as the warrants. Two insiders of the company participated in the offering and will acquire an aggregate of 400,00 units.
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Looking Glass also announced the appointment of Neil Stevenson-Moore as its Chief Product Officer.
The company said that Stevenson-Moore will bring a wealth of consumer engagement and marketing experience to Looking Glass and will be instrumental in developing an exciting go-to-market strategy for the company.
"Looking Glass Labs and House of Kibaa have already built a great foundation for future success and I'm excited to be joining such a talented and forward-thinking team,” said Stevenson-Moore. “Aside from the company's arsenal of artists, developers and community managers, I'm looking forward to joining such a talented leadership team with a unique vision."
Prior to joining Looking Glass, Stevenson-Moore was the CEO and founder of StylePixi, a retail technology company that leverages Artificial Intelligence and advanced algorithms to disrupt the US$25 trillion retail market. Building off of the success of StylePixi, Neil moved to London, United Kingdom, where he was selected to be the head of online giant Farfetch's "Store of the Future".
Farfetch is recognized as a world leader in consumer retail technology and is currently valued in excess of US$13 billion. Stevenson-Moore has since co-founded and helped to build SportNinja into a rapidly growing player in the US$465 billion amateur sports industry.
Looking Glass Labs is a digital agency specializing in the non-fungible token (NFT) architecture, immersive extended reality (XR) metaverse design, and virtual asset royalty streams. Its leading brand, House of Kibaa (HoK), is a digital studio at the forefront of technologies in the blockchain, NFT, and XR metaverse sectors.
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