VANCOUVER, BC / ACCESSWIRE / January 7, 2021 / YDX Innovation Corp (TSXV:YDX)(OTC PINK:YDRMF)(FSE:APY1) (“YDX” or the “Company”), is pleased to announce that it has completed a non-brokered private placement financing (the “Financing“). In connection with the closing, the Company sold an aggregate of 5,499,991 units (each, a “Unit“) at a price of $0.10 per Unit, for gross proceeds of $549,999.05. Each Unit consists of one common share of the Company (each, a “Share“) and one share purchase warrant (each, a “Warrant“). Each Warrant is exercisable into one additional Share at a price of $0.20 per Share for a period of two years from the date of issuance.
“This fully subscribed financing was strategic for us in closing 2020 with strong operational plans for 2021. We appreciate the trust and support of our shareholders as we endeavor to grow our operations in North America and expand our esports division. Additionally, our senior management is committed to reducing our payroll costs to the company by renegotiating all compensation plans. I will be leading by example and committing to a 40% reduction in my own salary. Again, our prime commitment here is to grow the business and further accelerate the Company’s profitability. Our team is aware of the high expectations around our brand and are working non-stop to ensure that 2021 is a break-thru year. I look forward to this goal and am proud to be working with such an amazing team. I am also thankful, again, for such great supporters and shareholder base.” – stated Daniel Japiassu, CEO of YDX Innovation.
Proceeds from the Financing will be used for general working capital, marketing and growth initiatives.
The securities issued under the Financing, and the Shares that may be issuable on exercise of the Warrants, are subject to a statutory hold period expiring on May 5, 2021.
About YDX Innovation
YDX Innovation Corp. (TSXV:YDX :: www.ydxinnovation.com) is a global leader in the commercialization of immersive new technologies that incorporate virtual reality, augmented reality, esports and gaming. Its core business seeks to monetize through licensing its IP, developing interactive exhibitions and through esports tournaments and content.
Arkave VR Arena – https://sales.arkavevr.com/ – is a proprietary gaming platform that brings location based virtual reality to any location-based event or entertainment centre. Arkave features state-of-the-art free roam technology coupled with a vast library of both in-house and third party games.
YDreams Global – www.ydreamsglobal.com – has developed over 2,000 interactive and immersive experiences for some of the largest global brands including Disney, NBA, Adidas, Cisco, Nokia, Nike, Mercedes-Benz, Coca-Cola, Santander, AB InBev, Qualcomm, Unilever, Fiat and the City of Rio de Janeiro.
Purple Mage Advisors – www.purplemage.com – Purple Mage Advisors (PMA) is a research and data analysis firm that specializes in player recruitment and development in the gaming industry. PMA helps esports and gaming companies with industry reports, player recruitment, player training, data analysis and relevant statistical reporting.
RENDER – www.render.gg – Render is a professional video production studio specializing in crafting video content for YouTubers, Streamers, Teams and Brands. Render is highly specialized in gaming content, but also works with a wide variety of digital media.
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.
SOURCE: YDX Innovation Corp.
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