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.”
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.
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