ESE Completes Final Tranche of Non-Brokered Private Placement of Units

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VANCOUVER, BC / ACCESSWIRE / January 27, 2023 / ESE Entertainment Inc. ("ESE" or the "Company") (TSXV:ESE) is pleased to announce that it has closed (the "Final Tranche Closing") the third and final tranche of its previously announced non-brokered private placement financing (the "Offering") of units (the "Units") of the Company at a price of $0.40 per Unit (the "Issue Price"), for gross proceeds of $852,186, bringing the aggregate gross proceeds of the Offering to $2,000,000.

Pursuant to the Final Tranche Closing, the Company issued an aggregate of 2,130,465 Units. Each Unit is composed of one (1) common share in the capital of the Company (a "Common Share") and one-half of one (1/2) Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one (1) additional Common Share (a "Warrant Share") at a price of $0.70 per Warrant Share for a period of 36 months from issuance.

In connection with the Final Tranche Closing, the Company paid certain finders (the "Finders") cash finders' fees in aggregate of $21,153 and issued a total of 52,882 finder warrants (the "Finder Warrants") to the Finders. Each Finder Warrant is exercisable into one (1) Common Share at the Issue Price for a period of 36 months from issuance.

Konrad Wasiela, CEO of ESE announced, "In connection with this successful investment round, we have completed all of the cash payments under last year's acquisition of GameAddik and are now in a strong position to focus on organic growth. Due to ongoing projects in our technology and data business that have accelerated, we are focused on expanding organic operations, paving the way for long-term success. As we enter this next phase of our journey, I'm confident that our team is more than ready and equipped to drive our business forward."

The Company intends to use the proceeds raised from the Final Tranche Closing for business development and general corporate purposes. The Final Tranche Closing was completed pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 Prospectus Exemptions and therefore the securities issued through the Final Tranche Closing were not subject to a hold period in accordance with applicable Canadian securities laws.