Boba Mint Holdings arranges 10-cent-per-share financing

Executive Summary

• Boba Mint Holdings Ltd. has arranged a non-brokered private placement of common shares with gross proceeds ranging from $250,000 to $750,000.
• The offering is led by Andrew Shore, CEO and founder of Werd Studios, who is expected to subscribe for a minimum of 2.5 million shares, constituting a related party transaction.
• Proceeds are designated for general working capital and to support additional game development at Werd Studios, specifically regarding the "Amino" project.

Key Details

• Transaction Structure: Non-brokered private placement.
• Share Quantity: Minimum of 2.5 million common shares; maximum of 7.5 million common shares.
• Issue Price: 10 cents per share.
• Gross Proceeds: Minimum of $250,000; maximum of $750,000.
• Use of Proceeds: General working capital purposes and supporting additional game development at Werd Studios.
• Key Subscriber: Andrew Shore (CEO and founder of Werd Studios) is expected to subscribe for a minimum of 2.5 million common shares.
• Related Party Transaction: The participation by Mr. Shore constitutes a related party transaction under Multilateral Instrument 61-101.
• Exemptions: The transaction is exempt from formal valuation and minority shareholder approval requirements under MI 61-101 because neither the fair market value of the private placement nor the consideration paid by Mr. Shore exceeds 25% of the company's market capitalization.
• Closing Conditions: Subject to receipt of all necessary corporate and regulatory approvals, including approval from the Canadian Securities Exchange (CSE).
• Closing Structure: The offering may close in one or more tranches.
• Share Restrictions: Securities are subject to a statutory hold period of four months plus one day from the date of issuance.

Notable Quotes

• "The progress we are seeing with Amino has been extremely promising, particularly in terms of user growth and engagement. Our focus now is on continuing to support the business as we scale and build on this momentum," stated Mr. Shore, chief executive officer and founder of Werd Studios.