Cloud Nine Web3 Technologies closes first tranche of its non-brokered private placement of 908,655 units for gross proceeds of $1,244,857

Cloud Nine Web3 Technologies Inc. (CNSX:CNI.CN) (OTCMKTS:CLGUF) (FRA:1JI0) said it has closed the first tranche of its non-brokered private placement of 908,655 units at $1.37 each for gross proceeds of $1,244,857. The company said the net proceeds of the offering will be used for working capital, software development and general corporate purposes. Each unit consists of one common share in the capital of the company and one-half of one transferable common share purchase warrant. Each warrant entitles the holder to acquire one share at a price of $1.75 for a period of twelve months from the date of closing of the offering. READ: Cloud Nine Web3 Technologies partners with Next Decentrum Technologies for education products on non-fungible tokens In the event that the shares trade at a price of $2.50 for ten consecutive trading days, the company said it may, at its option, accelerate the warrant expiry date by providing notice to the warrant holders by way of a news release that the warrants will expire on the 30th day from the date of the Acceleration Notice. All securities to be issued pursuant to the offering will be subject to a four-month and one-day hold period in accordance with applicable Canadian securities laws. None of the foregoing securities will be registered under the United States Securities Act of 1933, as amended, and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. Contact the author at jon.hopkins@proactiveinvestors.com