OliveX Holdings Ltd (NSX:OLX) has drawn industry support from major players with a A$8 million strategic share placement for 8 million new fully paid ordinary shares at A$1.00 per share, supported by key strategic and institutional investors Animoca Brands Corporation Ltd, One Football and Bombora Investment Management.
Net proceeds from the share placement have been earmarked for the development of OliveX’s first fitness metaverse game, Dustland Runner, and to progress the company’s other fitness metaverse initiatives.
“Extremely honoured”
"I’m extremely honoured that this recent capital raise has received such strong support from both existing and new strategic investors,” OliveX founder and CEO Keith Rumjahn said.
“The work Yat and the Animoca [Brands] team have been doing in the blockchain gaming space has been revolutionary and we are extremely proud to be working with one of the true pioneers in the space in order to build a truly open metaverse.
“The support received from both One Football and Bombora Investment Management cannot be understated. We are extremely privileged to be working with and have the support of such high-quality investors.”
Placement shares will rank equally with existing OliveX shares and will be made using OliveX’s existing placement capacity under NSX Listing Rule 6.25, with shareholder approval not required in this case.
Settlement of the share placement is scheduled for Friday, November 26, 2021, with placement shares expected to be issued on Monday, November 29, 2021, and trading to commence on the NSX the same day.
Collaboration integral to an open metaverse
“At both OliveX and Animoca we share a clear vision of an open metaverse where true digital ownership resides with the users and digital assets are completely interoperable,” Animoca Brands co-founder and group executive chair, Yat Siu said.
“Collaboration between partners within the metaverse is an integral part to achieving this vision and Animoca is pleased to be supporting Keith and the team as they look to bring the fitness metaverse to life.
“OliveX’s fitness metaverse is the first of its kind and the early adoption of fitness-based blockchain gaming is a unique opportunity to not only bring digital property rights to users, but also to improve their lifestyle and wellbeing while allowing them to earn rewards from exercising.
“The success of OliveX and the DOSE token to date is a true testament to the hard work being done by the OliveX team and we look forward to continuing to build the metaverse with them in order to change the way we all live, work and play.”
OliveX
OliveX is a digital health and fitness company delivering ‘unique’ user experiences through fitness gamification, augmented reality, and play-to-earn experiences.
The OliveX fitness metaverse provides platforms that enable real-world fitness to merge with the digital universe in order to engage consumers with brands, influencers, and coaches.
The DOSE token, created by OliveX as a cross-platform token for the fitness metaverse and the utility token for run-to-win games within the OliveX ecosystem including Dustland Runner.
DOSE is an ERC-20-compatible fungible token and is an acronym for the chemicals released when getting fit and working out: Dopamine, Oxytocin, Serotonin and Endorphin.
Dustland Runner is the first-ever blockchain fitness game where players physical output is rewarded in the virtual world with digital items.
Animoca Brands
Animoca Brands is a leader in digital entertainment, blockchain and gamification that is driving digital property rights via NFTs and gaming to help build the open metaverse.
It develops and publishes a broad portfolio of products including the REVV token and SAND token; original games and products utilising hundreds of popular intellectual properties.
One football
One Football is one of the most popular digital media platforms for young football fans. Founded in 2008 and one of the world's first 1,000 applications in the Apple App Store, On Football provides users with the best personalised digital football experience including sores, news, transfer rumours, live streaming, match highlights, video features and much more.
Bombora Investment Management
Bombora is a Specialist Investment Manager focused on sourcing, structuring, participating, and executing on high growth business investment opportunities.
The Investment Team has a wealth of experience across a wide range of industries and geographic markets, spanning Funds Management, Direct investments, Private Equity, Mergers & Acquisitions and Equity Capital Markets.