AMPD Ventures Raises Cad $6.94M via Oversubscribed Non-Brokered Private Placement To Invest In Metaverse Initiatives

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VANCOUVER, BC / ACCESSWIRE / November 26, 2021 / AMPD Ventures Inc. ("AMPD" or the "Company") (CSE:AMPD)(OTCQB:AMPDF)(FRA:2Q0) is pleased to announce that it has closed the Company's recently announced non-brokered private placement (the "Private Placement"), for aggregate gross proceeds of CAD $6.94M.

"This positive response from existing and new AMPD investors demonstrates confidence in the company, recognition of the progress we have been making, and high levels of interest in our emerging Metaverse-related initiatives across AMPD's core infrastructure business, as well as the anticipated acquisition of Departure Lounge Inc.," said Anthony Brown, CEO at AMPD.

The Private Placement was announced on October 26, 2021, with the Company initially expecting to issue up to 11,666,667 units (the "Units") at a price of CAD $0.30 per Unit for aggregate gross proceeds of up to CAD $3.5M. The Company announced an increase in the size of the Private Placement on November 1, 2021, increasing the number of Units to up to 16,666,777 Units for aggregate gross proceeds of CAD $5.0M.

The Private Placement closed on November 25, 2021, and the Company issued 23,139,663 Units at a price of CAD $0.30 per Unit, for aggregate gross proceeds of CAD $6,941,900.

Each Unit is comprised of one common share of the Company (each a ‘Share') and one common share purchase warrant (each a "Unit Warrant" and, collectively, the "Unit Warrants"), with each Unit Warrant entitling the holder to subscribe for one Share (each a "Warrant Share" and, collectively, the "Warrant Shares") at an exercise price of CAD $0.50 per Warrant Share for a period of 24 months following the date of the closing of the Private Placement. The expiry date of the Unit Warrants may be accelerated at the option of the Company if, at any time prior to the expiry of the Unit Warrants, the volume weighted average trading price of the underlying Shares on the Canadian Securities Exchange (or such other recognized Canadian stock exchange on which the Common Shares are then listed) is or exceeds CAD $0.80 for a period of ten consecutive trading days.