SWARMIO MEDIA HOLDINGS INC. ANNOUNCES DEBT FUNDING
VANCOUVER, BC, Aug. 24, 2022 /CNW/ - Swarmio Media Holdings Inc. (CSE: SWRM) (OTC: SWMIF) ("Swarmio" or the "Company"), today announced that it has received CAD$802,275 in secured debt from various private lenders. The debt is repayable on demand by the lenders at any time on or after the earlier of (i) November 30, 2022 or (ii) the date on which the Company closes an equity financing with gross proceeds of at least US$2,000,000. Lenders of this debt also received common share purchase warrants entitling them to acquire an aggregate of 8,022,750 common shares of Swarmio at $0.05 per share for up to 5 years. All securities issued are subject to a four-month and one day hold period. The net proceeds of this debt offering will be used for short term working capital and general corporate purposes.
Swarmio Media (CSE: SWRM; OTC: SWMIF) is a technology company focused on deploying its proprietary end-to-end gaming and esports platform, Ember, which enables telcos to monetize their gaming customers. Swarmio has engaged with several telcos that have launched Ember as an add-on service, allowing subscribers to access tournaments, engage in a localized gaming community, challenge friends and influencers, and earn points that can be used to purchase gaming content. Ember is powered by Swarmio's patented Latency-Optimized Edge Cloud ('LEC') technology, which reduces lag and allows gamers to enjoy an optimized gaming experience.
Swarmio's fully managed, plug-and-play Ember platform can be quickly and seamlessly integrated with major telco operations, allowing telcos to engage and monetize gaming subscribers and gain immediate and meaningful access to the US$200 billion gaming market.
Ember provides a proprietary digital hub for gaming communities, allowing gamers to access an ultra-low-latency playing experience, competitive challenges and tournaments, exclusive gaming content, managed communities, gamification and points system, online store (Swarmio Store), gamer e-wallet (Swarmio Pay), and customized digital content.
This news release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Swarmio to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include the anticipated benefits to Swarmio's customers from the use of Swarmio's platform, Swarmio's expectations as to revenue growth and timing of revenues, the expectation to deploy Swarmio's platform in new regions and with new customers, expected use of proceeds from the financing and the possibility for raising additional funds. Different customers may experience different benefits from the sue of Swarmio's platform. Swarmio's revenues may not grow and its platform may not be adopted by new customers or in new regions for many reasons outside the control of Swarmio. Circumstances may necessitate or make it desirable that Swarmio use the proceeds of the offering for different purposes than described above. Additional financings may not be available on terms favourable to the Company, or at all. A failure to obtain additional funding could prevent the Company from making expenditures that may be required to implement the Company growth strategy and grow or maintain the Company's operations. The forward-looking statements included in this news release are made as of the date of this news release and Swarmio does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
SOURCE Swarmio Media Holdings Inc.
Sean Peasgood, Investor Relations, [email protected], 437.826.9900 ; Josh Stanbury, Public Relations Officer, [email protected]
Share this article