GreenBank Capital Inc (CSE:GBC) has revealed that its 19%-owned portfolio company Staminier Limited has agreed to purchase up to 21% of NARC Limited, the developer of "Beyond Ever After", a next-generation Massive Multiplayer Online (MMO) game designed for the metaverse.
The next-generation merchant banking company said Staminier, through its subsidiary Substantia, has agreed to invest £525,000 at €75 per NARC share for an initial 2.6% stake of NARC's fully diluted share capital.
Currently, £375,000 of these funds have already been paid to NARC, with the remaining £150,000 still to come in the initial investment, GreenBank added.
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GreenBank noted that NARC was founded by one of the key architects of Eve Online, the MMO which sold for $425 million in September 2018.
It said Beyond Ever After has been under development for several years as an innovative next-generation MMO game. The game involves customizable character types utilizing real money trading in what amounts to a "mixed reality" model, where real money can be earned and spent in-game, GreenBank explained. The game is in the production phase and is being designed to run on several devices and operating systems to facilitate maximum adoption and ease of use.
The current model calls for Beyond Ever After to be free to play and perpetual, with new in-game content to be added seamlessly and periodically in real-time. The game expects to generate revenue principally from transactions that its users elect to make within the game, the company said.
In a secondary investment, GreenBank said Staminier also has an option to invest a further £4,941,779 at valuations up to €120 per NARC share. Were Staminier to independently choose to fund both the initial investment and the secondary investment, it said Substantia would own 21% of the fully diluted capital of NARC.
Substantia has until the beginning of July 2022 to inform NARC whether it wishes to exercise its option to make the secondary investment which would payable by January 31, 2023, the company said.
The funding will enable NARC to continue the development of its ground-breaking MMO game Beyond Ever After, which is currently in production phase, following over ten years of planning, exploration, foundation, and pre-production.
GreenBank Capital is a next-generation merchant banking business that has a flexible low-cost overhead structure designed to maximize profitability.
Its management is based in Toronto, Dallas and London and is used to working across borders remotely. The company's model of remote working, dynamic space and flexible contracts - rather than large fixed costs - establishes GreenBank as a global merchant bank for the future, both during and after the coronavirus (COVID19) pandemic.
Contact the author at stephen.gunnion@proactiveinvestors.com