Golden Matrix Group Inc. Announces Closing of $3.5 Million Registered Direct Offering
LAS VEGAS, NV / ACCESSWIRE / October 27, 2021 / Golden Matrix Group Inc. (OCTQX:GMGI) (the "Company"), a developer and licensor of online gaming platforms, systems and gaming content, today announced the closing of its previously announced …
LAS VEGAS, NV / ACCESSWIRE / October 27, 2021 / Golden Matrix Group Inc. (OCTQX:GMGI) (the "Company"), a developer and licensor of online gaming platforms, systems and gaming content, today announced the closing of its previously announced registered direct offering with certain institutional investors, pursuant to which the Company sold approximately $3.5 million worth of its common stock and warrants.
Under the terms of the securities purchase agreement, the Company sold 496,429 shares of its common stock and warrants to purchase 496,429 shares of common stock. The warrants are exercisable immediately and have an exercise price of $8.63 per share. The warrants will expire three years from the date of issuance. The purchase price for one share of common stock and one corresponding warrant was $7.00. The gross proceeds to the Company from the registered direct offering are estimated to be approximately $3.5 million before deducting the placement agent's fees and other estimated offering expenses.
The Company currently intends to use the net proceeds from the offering for general corporate purposes and working capital. The Company may also use all or a portion of the net proceeds from the offering to fund possible investments in, or acquisitions of, complementary businesses or assets, but the Company currently has no agreements or commitments with respect to any investment or acquisition.
EF Hutton, division of Benchmark Investments, LLC, acted as exclusive placement agent for the offering.
The securities described above were offered and sold pursuant to an effective "shelf" registration statement on Form S-3 (File No. 333-260044) filed with the Securities and Exchange Commission (the "SEC") on October 5, 2021 and declared effective on October 15, 2021. The registered direct offering of the securities was made by means of a prospectus supplement that forms a part of the effective registration statement. The final prospectus supplement and accompanying base prospectus relating to the securities being offered in the registered direct offering were filed with the SEC on October 27, 2021.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Copies of the prospectus supplement relating to this registered direct offering, together with the accompanying prospectus, can be obtained at the SEC's website at www.sec.gov or from EF Hutton, division of Benchmark Investments, LLC, 590 Madison Avenue, 39th Floor, New York, NY 10022, Attention: Syndicate Department, or via email at email@example.com or telephone at (212) 404-7002. Interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed/will file with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about the Company and the offering.