- Alpha Metaverse Technologies Inc. (ALPA) has signed a letter of intent to acquire 100 per cent of Shape Immersive Entertainment Inc. and a private placement with Research Capital Corporation
- The deal with Shape will be in exchange for 14.8 million common shares of Alpha and $1 million in cash
- The Research Capital Corporation brokered private placement consists of 16 million units of Alpha at a price of $0.25 per unit for up to $4 million
- The offering is expected to close by February 21
- Alpha Metaverse Technologies Inc. (ALPA) is down 12.20 per cent trading at $0.36 per share as of 12:17 p.m. EST
Alpha Metaverse Technologies (ALPA) has signed a letter of intent to acquire 100 per cent of Shape Immersive Entertainment and a private placement with Research Capital.
The deal with Shape will be in exchange for 14.8 million common shares of Alpha and $1 million in cash.
Shape creates 3D NFTs, holograms, augmented and virtual reality, and play-to-earn game development.
Research Capital’s brokered private placement consists of 16 million units of Alpha at a price of $0.25 per unit for up to $4 million.
Each unit consists of one common share of Alpha and one common share purchase warrant.
Each warrant is exercisable to acquire one additional common share at a price of $0.40 per warrant share for two years after closing.
The agent has an option to sell an additional 15 per cent of the number of units being offered or an additional 2.4 million units at the offering price of $600,000.
The agent’s option is exercisable at any time up to 48 hours prior to the closing.
Alpha intends to use the proceeds raised under the offering for its business operations, working capital and general corporate purposes.
The offering is expected to close by February 21.
The agent will receive an aggregate cash fee equal to six per cent of the gross proceeds from the offering.
The agent will receive non-transferable broker warrants equal to per cent of the total number of units sold.
The agent will also receive an aggregate cash corporate finance fee equal to two per cent of the gross proceeds.
Alpha Metaverse Technologies Inc. (ALPA) is down 12.20 per cent trading at $0.36 per share as of 12:17 p.m. EST.
