Toronto, Ontario--(Newsfile Corp. - November 20, 2020) - Blocplay Entertainment Inc. (CSE: PLAY)(the "Company") is pleased to announce that it has closed a second tranche of its previously announced non-brokered private placement financing through the issuance of 2,000,000 common shares in the capital of the Company (the "Common Shares") at a price of $0.10 per Common Share (the "Offering") for gross proceeds of $200,000. Gross proceeds raised from the Offering will be used for working capital and general corporate purposes as well as the repayment of certain debts owed to various creditors of the Company. The securities issued upon closing of the Offering are subject to a hold period until March 21, 2021.
Pursuant to the Offering, 1185313 BC Ltd. (the "Subscriber") acquired an aggregate of 2,000,000 Common Shares. Prior to the completion of the Offering, the Subscriber held an aggregate of 900,000 Common Shares, representing approximately 6.76% of the issued and outstanding on a non-diluted basis. Upon completion of the Offering, the Subscriber beneficially owns and controls, an aggregate of 2,900,000 Common Shares, representing approximately 18.94% of the issued and outstanding Common Shares on a non-diluted basis.
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This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.