Swarmio Media Receives Interest-Free Loan of $1 Million from Strategic Shareholder
TORONTO, March 13, 2023 /CNW/ - Swarmio Media Holdings Inc. (CSE: SWRM) (OTC: SWMIF) (GR: U5U) ("Swarmio" or the "Company"), today announced that it has received CAD$1,000,000 in secured debt from a private lender, who is an existing shareholder. The debt is repayable on demand by the lender at any time on or after June 10, 2023. The lender of this debt also received common share purchase warrants entitling them to acquire an aggregate of 5,000,000 common shares of Swarmio at $0.08 per share for up to 5 years. The net proceeds of this debt offering will be used for short-term working capital and general corporate purposes.
In connection with the debt financing, Swarmio also issued share purchase warrants entitling their holders to acquire an aggregate of 10,034,750 common shares of Swarmio at $0.08 per share for up to 5 years. These warrants were issued to holders of outstanding Swarmio debt in return for extending the debt repayment terms and agreeing to subordinate to the new lender described above. Swarmio also issued warrants to acquire an aggregate of 3,000,000 common shares of Swarmio to consultants.
All securities issued are subject to a four-month and one day hold period.
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.
Ember also enables game publishers and developers to reach, engage and monetize the 2 billion gamers in Asia, Africa, the Middle East and Latin America, where credit card penetration is relatively low and access to bank accounts is limited. By partnering with telecom operators, Swarmio enables gamers to purchase Ember's exclusive services, solutions and in-game items and content using telco payment channels such as digital wallets and Direct Carrier Billing.
To learn more, visit any of Swarmio's Ember partner sites:
Globe Telecom (Philippines): https://globe.emberhub.gg/
Ooredoo (Tunisia): https://ooredoo.emberhub.gg/
Etisalat (UAE): https://hub.arenaesports.ae/
SLTmobitel (Sri Lanka): https://esports.slt.lk/
Swarmio Media (CSE: SWRM; OTC: SWMIF; GR: U5U) 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.
To learn more about Swarmio Media, please visit:
Swarmio Investor Website (https://ir.swarmio.media)
Swarmio on LinkedIn (https://www.linkedin.com/company/swarmiomedia)
Swarmio on Twitter (https://twitter.com/SwarmioMedia)
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.
Vijai Karthigesu, CEO of Swarmio Media, (+1) 647-954-0000; For media-related enquiries, please contact: [email protected]; For investor-related enquiries, please contact: Sean Peasgood, [email protected], +1 (437) 826-9900
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