Cypher closes private placement

Executive Summary

• Cypher Metaverse Inc. has closed a non-brokered private placement of 219,125 units at $0.32 per unit, raising gross proceeds of $55,120.
• Each unit consists of one common share and one common share purchase warrant, with warrants exercisable at $0.40 per share for two years.
• Net proceeds are intended for general working capital and potential acquisitions.

Key Details

• Transaction Type: Non-brokered private placement.
• Units Sold: 219,125 units.
• Price Per Unit: $0.32.
• Gross Proceeds: $55,120.
• Unit Composition: Each unit comprises one common share and one common share purchase warrant.
• Warrant Terms:
  • Exercise Price: $0.40 per common share.
  • Expiration: Two years from the date of closing.
  • Acceleration Clause: The company may accelerate the expiry date if the stock trades at $0.60 for 10 consecutive trading days.
• Finder’s Fees:
  • Cash Fees Paid: $409.60 to qualified finders.
  • Warrants Issued: 1,280 finders' warrants, subject to the same terms as the investor warrants.
• Hold Period: Common shares and warrants are subject to a four-month-and-one-day hold period in accordance with Canadian Securities Exchange policies.
• Use of Proceeds: General working capital and review of possible acquisitions.