Looking Glass Labs Ltd (LGL) announced that it has appointed Tom Sweeney, a 25-year veteran in cross-border technology investing, fund management and corporate strategy, to its strategic advisory board.
Sweeney is the founder and current CEO of Jun Capital Management, a crypto investment and strategic advisory firm, and the CEO and co-founder of the Unizen Smart CeDeFi Platform.
“I would like to welcome Mr. Sweeney to our Advisory Board. Our team looks forward to learning from his expertise as well as fostering a mutual beneficial relationship,” said Dorian Banks, CEO of LGL, in a statement.
“LGL has a bright future, especially with our Pocket Dimensions land sale scheduled for April 16-17, which currently has an oversubscribed indicated purchase list for the private sale. Tom is a complementary addition to our growing Advisory Board that now includes the perspectives of a diverse and accomplished group of professionals.”
READ: Looking Glass Labs’ House of Kibaa subsidiary to conduct first virtual land sale on April 16-17
In addition to holding several advisory and management positions with major Saudi firms, including the King Abdulaziz City for Science and Technology, SABIC Ventures and Taqnia, Sweeney was previously the GM and partner of Iris Capital Management MENA, the Dubai-based fund manager of STC Ventures, whose anchor investor is the Saudi Telecom Company, noted the Vancouver-based digital platform specializing in the design, development and sale of non-fungible tokens (NFTs).
“LGL has made great strides to-date in the rapidly growing areas of NFTs, the metaverse, and P2E gaming technologies, which are steadily being adopted by industry leaders, governments and institutions across the world. I believe my expertise and connections align strongly with LGL’s business objectives as it ambitiously seeks to attain early-mover positions in a variety of high growth areas of the Web3 ecosystem,” Sweeney said of his appointment.
“In 2022, macro-level interest in these technologies is heightening, and I look forward to working directly with LGL to shape their offerings in a way that aligns with the needs and the priorities of major global businesses and investors.”
In conjunction with his appointment, LGL said it has granted 50,000 incentive purchase options to Sweeney. Each share purchase option is exercisable for a period of two years at an exercise price of CA$0.75 per common share of the company. The options vest after four months from the grant date.
In the same announcement, LGL said pursuant to its shareholder approved restricted share unit plan (RSU Plan), it has granted an aggregate of 5,925,000 restricted share units (RSUs) to directors, officers and consultants of the company. The RSUs that have been granted to directors of the company will vest over a period of 18 months.
Of the aggregate RSUs granted, 25,000 RSUs have been granted to Meadowbank Holdings Inc. for its investor relations, capital markets and corporate development advisory services. The additional RSUs granted to Meadowbank are in addition to the previously reported compensation paid to Meadowbank for its services, the company noted.
The RSUs entitle the eligible parties to acquire one common share underlying each RSU by delivering a notice of acquisition to the company in accordance with the RSU Plan for a period of five years from issuance. In accordance with the RSU Plan, the RSUs were priced at CA$0.70 based on the previous closing price on the trading day prior to the RSU grant.
Contact the author at jon.hopkins@proactiveinvestors.com