Tiidal Gaming Announces Closing of Oversubscribed First Tranche of Private Placement

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TORONTO, ON – (Newsfile Corp. – September 20, 2022) – Tiidal Gaming Group Corp. (CSE: TIDL) (OTCQB: TIIDF) (“Tiidal Gaming” or the “company“) is pleased to announce that the Company has closed the first tranche of its previously announced non-brokered private placement offering of entities of the Company (“units“) consisting of 5,619,051 Units at a price of $0.10 per Unit for total gross proceeds of $561,905.10 (the “offer“). Each unit consists of one common share (a “Split“) in the capital of the Company and a warrant to purchase one common share (a “warranty“), exercisable at $0.15 per share for a period of 36 months after the closing of the offering.

The Company will use the net proceeds from the Offering for Sportsflare sales, trading and development businesses, as well as for general corporate and working capital purposes.

In connection with the Offering, the Company paid an aggregate of $2,800.00 and issued 28,000 compensation options determined as finder’s fees for the purchase of one share at a price of $0.15 per share for a period of 36 months from the closing date of the Offering persons who supported the company with the offer were exercisable.

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All securities to be issued in connection with the offering are subject to a hold period of four months and one day from the date of issue under Canadian securities laws. The Offering is subject to final approval by the Canadian Securities Exchange (the “CSE“) and all official approvals.

Subscriptions by certain parties that are “related parties” of the Issuer accounted for $278,872 of the gross proceeds of the offering. The purchase of securities in the Offering by these parties is a “related party transaction” under Multilateral Instrument 61-101 – Protection of minority holders in special transactions (“MI 61-101“) and is exempt from the formal evaluation and approval requirements of MI 61-101 minority shareholders by virtue of the exceptions contained in Sections 5.5(b) and 5.7(1)(b) of MI 61-101.

The securities being offered in the offering have not been and will not be sold under the United States Securities Act of 1933, as amended (the “US Securities Act“) or the securities laws of any state and may not be offered or sold in the United States pending registration or an available exemption from registration under the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer for sale or the solicitation of an offer to buy, nor will there be any sale of any securities offered pursuant to the offer in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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About Tiidal Gaming

Tiidal Gaming is a leading media and technology platform enabling next-generation engagement in esports and gaming. Positioned at the intersection of gaming, media and betting, the company enables our partners to create positive, engaging and immersive fan and consumer experiences through our industry-leading media and technology offerings. With deep industry roots and expertise, Tiidal Gaming focuses on the next generation of fans and consumers and is building the future of gaming-based entertainment. Visit www.tiidal.gg for more information.

Tom Hearne
Chief Executive Officer, Tiidal Gaming
e: [email protected]
t: 416-560-0528

Prit Singh
Investor Relations
e: [email protected]
Telephone: 905-510-7636

Neither the CSE nor its market regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.

Forward-Looking Information

This press release may contain forward-looking statements, which reflect the Company’s current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “estimate”, “expect”, “intend” and statements that an event or result “may” , “will”, “should”, “could” or “could” occur or be achieved and other similar expressions.These forward-looking statements involve risks and uncertainties, including but not limited to risks related to whether the Offering will be successful for the maximum gross proceeds or will be completed at all, the timing of the closing of the offering, whether the offering will be approved by the CSE, or whether the proceeds of the offering will be sufficient for the Company’s purposes, any or all of which could result in results, achievements or achievements being material may differ from the results discussed or implied in the forward-looking statements Many risks are inherent in the industries in which the Company take, others are more specific to the company. The Company’s ongoing quarterly filings should be cons asked for additional information regarding risks and uncertainties related to these forward-looking statements. Investors should not rely on forward-looking statements. Management undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, additional events or otherwise.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/137875

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