AMPD Ventures Inc (CSE:AMPD, OTCQB:AMPDF) said it has closed the first tranche its non-brokered private placement announced on August 4, 2022, for gross proceeds of C$643,800.
Due to increased demand, the company also said it is increasing the size of the overall offering to $1.8 million. AMPD expects to close the final tranche on or before August 24, 2022.
“We are pleased to see such strong support from our shareholders and the investment community. As we focus on revenue generation now that several of our platforms are commercially ready, having this additional capital positions us strongly to execute over the coming months,” said Anthony Brown, AMPD CEO in a statement.
The company said it intends to use the proceeds from the private placement to deploy AMPD infrastructure, increase headcount, and for general working capital purposes.
READ: AMPD Ventures says it will complete a private placement for aggregate proceeds up to C$1 million
In conjunction with the first closing, the company issued 4,598,572 units at a price of C$0.14 per unit. Each unit is comprised of one common share and one common share purchase warrant of the company, with each unit warrant entitling the holder to subscribe for one common share at an exercise price of C$0.20 each for a period of 18 months following the date of the closing of the private placement.
In connection with the private placement, the company said it paid certain finders C$32,046 in cash, and 228,900 unit warrants as finder’s fees.
All securities issued under the private placement are subject to a four-month and one-day hold period, and completion of the financing is subject to conditions, including, without limitation, receipt of all regulatory approvals, including approval of the Canadian Securities Exchange (CSE).
AMPD Ventures is a next-generation infrastructure company specializing in providing high-performance computing solutions for low-latency applications. With state-of-the-art, high-performance computing solutions hosted in sustainable urban data centres, AMPD is leading the transition to the next generation of computing infrastructure as ‘the hosting company of the Metaverse.’
Through a mix of infrastructure as a service (IaaS) and an upgraded, high-performance cloud offering, the company is meeting the low-latency requirements of multiplayer video games and eSports, computer graphics rendering, artificial intelligence, machine learning, mixed reality, big data processing, and the as-yet uncharted technological developments of the coming decades.
Contact the author at jon.hopkins@proactiveinvestors.com