Global Blockchain Announces up to $7 Million Investment Commitment in Millennial Esports
January 16, 2018 (Source) — Global Blockchain Technologies Corp. (TSXV: BLOC) (FSE: BWSP) (OTC Pink: BLKCF) (“Global Blockchain” or the “Company”) today announced that is has agreed to invest $2 million into Millennial Esports Corp.’s previously announced private placement.
The private placement is being made in conjunction with Millennial’s announced acquisition of an 82 percent interest in Eden Games. Eden Games’ popular mobile racing game, Gear.Club, has been downloaded more than 6.5 million times. In November, Eden Games released Gear.Club Unlimited, a console version for the Nintendo Switch, which has sold more than 10 million units worldwide. Plans are in the pipeline for PlayStation and Xbox console versions, while the mobile version of Gear.Club continues to grow rapidly. Millennial’s combined total community will exceed 20 million users passionate and extremely active in gaming.
Millennial Esports provides turnkey global solutions that cover gaming technology, content production, and broadcasting, with a focus on leveraging synergies between traditional sport and Esports. In November, Millennial Esports announced the formation of a new division focused on the creation and implementation of blockchain based ‘in game and cross platform’ game and digital content tokens.
Millennial has just announced that it is launching its proprietary token, which will be implemented using blockchain-based applications and protocols, to enhance the community and user experience, including how to best leverage the huge followings of Gear.Club and O’Gaming. Subject to execution of definitive agreements, Global Blockchain would become the lead investor in this initiative, and anticipates making an initial $5 million investment into the token offering. The final terms of the token offering have not yet been finalized and remain subject to agreement between the parties. There can be no guarantee that the final terms of the token offering will be acceptable to the Company, or that the Company will proceed with the token investment.
“The token project that Millennial is implementing is very exciting and one of the biggest motivating factors behind our investment,” said Global Blockchain President Shidan Gouran. “Millennial Esports is perfectly positioned to benefit from blockchain technology with access to the more than 20 million viewers of its O’Gaming platform and the almost 7 million users Eden Games’ Gear.Club. The monetization of this user base through tokenization, added engagement and enablement of micro-transactions, among other revenue generating opportunities, is significant.”
“Adding not only investment, but also expertise, from a leading blockchain-focused investment company like Global Blockchain will be key to the integration of Millennial’s blockchain assets and the success of our token initiative,” said Millennial Esports CEO, Alex Igelman. “With a management team comprised of blockchain pioneers and wide respect within the investment industry, we are honoured to have Global Blockchain as a significant investor.”
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Under the terms of the subscription agreement, Global Blockchain will immediately purchase 2,857,143 units of Millennial Esports Corp. at a price of $0.70 per unit, for a total investment of $2 million. Each unit consists of one common share and one half of one warrant. Each warrant is exercisable at $1.20 per share for a period of 24 months.
About Global Blockchain Technologies Corp.
Global Blockchain Technologies Corp. is an investment company which proposes to provide investors access to a basket of holdings within the blockchain space, managed by a team of industry pioneers and early adopters of all major cryptocurrencies.
GBT is listed on the TSX Venture Exchange and its common shares trade under the ticker symbol “BLOC.” Other information relating to GBT is available on SEDAR at www.sedar.com as well as on the Company’s website at www.globalblockchain.io.
On behalf of:
GLOBAL BLOCKCHAIN TECHNOLOGIES CORP.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or indicates that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, “occur” or “be achieved”. Forward-looking information includes, but is not limited to the impact of the appointments on the Company, the Company’s projected asset allocations; business strategy and investment criteria; the timing for implementation of financial auditing and corporate governance standards applicable to cryptocurrencies and Initial Coin Offerings (“ICO’s”); the rate of cryptocurrency adoption and the resultant effect on the growth of the global cryptocurrency market capitalization. The Company has no assets and its business plan is purely conceptual in nature and there is no assurance that it will be implemented as set out herein, or at all. Forward-looking information is based on certain factors and assumptions the Company believes to be reasonable at the time such statements are made, including but not limited to: statements and expectations regarding the ability of the Company to (i) successfully engage senior management with appropriate industry experience and expertise, (ii) gain access to and acquire a basket of cryptocurrency assets and pre-ICO and ICO financings on favourable terms or at all, (iii) successfully create its own tokens and ICO’s, and (iv) execute on future M&A opportunities in the cryptocurrency space; receipt of required regulatory approvals; the availability of necessary financing; permitting and such other assumptions and factors as set out herein. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in cryptocurrency prices; the estimation of personnel and operating costs; general global markets and economic conditions; risks associated with uninsurable risks; risks associated with currency fluctuations; competition faced in securing experienced personnel with appropriate industry experience and expertise; risks associated with changes in the financial auditing and corporate governance standards applicable to cryptocurrencies and ICO’s; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalization and liquidity risks including the risk that the financing necessary to fund continued development of the Company’s business plan may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation. Although the Company has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information set out in this presentation, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by law. Investors are cautioned against attributing undue certainty to forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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