Cypher Metaverse Inc (CSE:CODE, OTCQB:BKLLF) - formerly Codebase Ventures Inc - said it has completed its previously announced non-brokered private placement raising proceeds on the final tranche of $178,500 through the sale of 2,550,000 units.
The company said it raised a total of $1,102,499.95 from the private placement, with a total of 15,749,999 units and 649,714 broker warrants issued under the financing.
The net proceeds of the financing will be used for working capital and for future investments, it added.
READ: Codebase Ventures rebrands as Cypher Metaverse to better represent its updated investment thesis
Each unit in the placement consists of one common share and one common share purchase warrant at $0.07. Each warrant entitles the holder to purchase one additional common share at $0.09 for a period of two years from the date of closing, subject to the option of the company to accelerate the expiry date in the event that its shares trade at $0.15 or more for 10 consecutive days.
Securities issued as a result of the closing of the final tranche of the placement will be subject to a statutory hold period until July 22, 2022.
The company said it paid finders fees to qualified finders of $14,280 and issued 204,000 broker warrants on the same terms as the warrants forming part of the units.
Cypher Metaverse seeks early-stage investments in emerging technology sectors, including the blockchain ecosystem, fintech and the metaverse.
The company identifies such opportunities and applies its relationships and capital to advance its interests.
Contact the author at jon.hopkins@proactiveinvestors.com