AMPD Ventures Inc (CSE:AMPD, OTCQB:AMPDF) said it has closed the second tranche of its non-brokered private placement announced on October 25, 2022, for gross proceeds of C$1,188,742.
In conjunction with the second closing, the company issued an additional 8,491,016 units at a price of C$0.14 per unit Each unit is comprised of one common share of the company and one common share purchase warrant, with each unit warrant entitling the holder to subscribe for one common share in the company at an exercise price of C$0.20 each for a period of 24 months following the date of the closing of the private placement.
To accommodate requests from subscribers, AMPD said it is closing this second tranche, but will continue to accept investments up to $2 million and extend the placement's closing date to mid-December.
To date, AMPD has closed a total of $1,560,742 on the first two tranches. The company intends to use the proceeds from the private placement to deploy AMPD infrastructure, increase headcount, and for general working capital purposes.
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In a statement, Anthony Brown, AMPD CEO commented: "We are pleased to have closed over three-quarters of our financing now. With many new investors, several from Europe, it has been great to see the growth of a broader global investor group participating in this round. The interest has been solid, especially when considering the markets, we are all traversing".
In connection with the private placement, the company said it paid certain finders C$71,505 in cash, and 510,751 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 building the world's best suite of tools and technologies for digital content creation and distribution. Through its operating subsidiaries, AMPD Technologies and Departure Lounge, AMPD is advancing the way we create and consume content.
By combining the power of the high-performance edge approach to cloud computing with world-leading media production technologies, AMPD enables companies to enter the next era of the internet.
The team at AMPD has been leading technological developments within the games and digital media industries for nearly twenty years. AMPD was listed as a public company in 2019.
Contact the author at jon.hopkins@proactiveinvestors.com