VANCOUVER, BC / ACCESSWIRE / January 13, 2022 / Yo Eleven Gaming Inc. (the "Company" or "Yo Eleven"). Further to the Company's December 3rd, 2021 news release, the Company is pleased to announce that on January 10th, 2022 the non-brokered private placement for total proceeds of $132,000 through the issuance of 6,600,000 units of the Company at the price of $0.02 per unit (the "Financing") has closed. Each unit consists of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire one common share of the Company at the price of $0.25 per common share for a period of three years.
The Company's common shares which are issued pursuant to the units and pursuant to the exercise of warrants, will be restricted from trading for a period of one year from the date the Company's shares are publicly listed for trading. The warrants contain an acceleration provision, which may be triggered, once the Company's shares have been publicly listed for trading and have traded at a price of $0.50 per common share for 15 (fifteen) consecutive trading days (the "Warrants Acceleration Provision"), at which time, the one-year hold period will automatically lapse.
The securities that have been issued in connection with this Financing include a four-month hold period in accordance with the applicable securities laws. The proceeds from the Financing will be used for general working capital purposes. There were no finder's fees in respect to this Financing.
Related Party Transaction
In connection with the above closing, three insiders (the "Insiders") of the Company have subscribed for 4,100,000 units. Such participation is considered to be a related party transaction within the meaning of Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The related party transaction is exempt from minority approval, information circular and formal valuation requirements pursuant to the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair value of the securities issued pursuant to the Financing nor the consideration paid by the Insiders exceeds 25% of the Company's capitalization.
Yo Eleven also wishes to announce that it has signed a Binding Letter of Intent to negotiate a software option agreement with Sparlay LLC ("Sparlay"), a unique, peer-to-peer online sports-betting platform. The agreement will give Yo Eleven the right to operate and the option to purchase the code to the Sparlay software platform (the "Platform"). For as long as the purchase price is outstanding, Yo Eleven will pay to Sparlay any portion of Yo Eleven's share of revenues generated from the Platform, and such payments will be applied towards the purchase price. The Company and Sparlay are currently advancing discussions regarding the terms of a definitive agreement.
About Sparlay, LLC.
Sparlay is a patented peer-to-peer sports betting platform. Peer-to-peer betting eliminates the bookie from the sports-betting transaction, allowing users to wager directly with other sports bettors, friends, and celebrities instead of the bookie. Sparlay's unique platform offers betting flexibility where players may opt to use Vegas odds or determine their own odds to bet against one another. Sparlay users can create their own bets and odds, then socially interact around contests, wagers and other sports-betting chatter.
About Yo Eleven Gaming Inc.
Yo Eleven Gaming Inc. plans to be a sports betting and online gaming company. Yo Eleven's mission is to bring people together in a fun and engaging environment while supporting gaming operators with a streamlined platform to manage their businesses.
For more information on the Company, please contact Jake H. Kalpakian, President and CEO, at (604) 681-0204 ext. 6105.
On behalf of the Board of
Yo Eleven Gaming Inc.
"Jake H. Kalpakian"
Jake H. Kalpakian
President & CEO
Securities of the Company should be considered speculative.
Certain statements contained herein are "forward-looking". Forward-looking statements may include, among others, statements regarding future plans, costs, objectives, economic or technical performance, or the assumptions underlying any of the foregoing. In this News Release, words such as "may", "would", "could", "will", "likely", "enable", "feel", "seek", "project", "predict", "potential", "should", "might", "mission", "objective", "believe", "expect", "propose", "anticipate", "intend", "plans", "estimate", and similar words are used to identify forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, projections and estimations, there can be no assurance that these assumptions, projections or estimations are accurate. Readers, shareholders and investors are therefore cautioned not to place reliance on any forward-looking statements as the plans, assumptions, intentions or expectations upon which they are based might not occur.
SOURCE: Jackpot Digital Inc.