X1 Esports & Entertainment Completes IPO, Will Commence Trading on the Canadian Securities Exchange Under The Symbol “XONE”
LEGAL_39207541.3
June 29, 2022
X1 Esports & Entertainment Completes IPO, Will
Commence Trading on the Canadian Securities
Exchange Under The Symbol “XONE”
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE,
PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE
OR IN PART, IN OR INTO THE UNITED STATES.
VANCOUVER, BC - X1 Esports & Entertainment (CSE: XONE) (“ X1” or the
“Company”), a games & media portfolio company is pleased to announce that
its shares will begin trading on June 30 , 2022 on the Canadian Securities
Exchange (the “Exchange”). X1 will trade under the stock ticker symbol “XONE”.
“We could not be more proud of our organization in reaching this milestone of
listing on the Canadian Securities Exchange, ” said X1 Chief Executive Officer
Mark Elfenbein. “In addition to our existing assets, there is a great opportunity
to acquire companies within the games and creator economy markets that we
believe can benefit tremendously from being a part of the X1 ecosystem.”
The Company has completed its initial public offering (the “ Offering”) for
aggregate gross proceeds of $3,111,669, consisting of the sale of 6,914,820 units
(each a “ Unit”) at a price of $0.45 per Unit. The Offering was completed
pursuant to a final prospectus dated May 19, 2022 (the “Prospectus”). Each Unit
consisted of one (1) common share in the capital of the Company (a “Common
Share”) and one (1) common share pur chase warrant (a “ Warrant”). Each
Warrant will be exercisable for 2 years to purchase an additional Common
Share at a price of $0.70.
A cash commission of $140,854 was paid to the Company ’s agent, Research
Capital Corporation (the “Agent”) as well as a corporate finance fee of $30,000,
which was paid through the issuance of 66,667 Units, plus applicable taxes paid
in cash. In addition, the Agent and its selling group members received 313,007
non-transferable agent’s options to acquire up to 313,007 Common Shares at a
price of $0.70 per Common Share until June 29, 2024.
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Proceeds from the Offering are expected to further the Company ’s objectives
as disclosed in the Prospectus, which is available under the Company’s SEDAR
profile at www.sedar.com.
About X1
The Company is an esports portfolio company which owns and operates a
growing esports franchise, RixGG. The business of the Company is the
competitive playing of video games by teams for cash prizes, and operations
ancillary to such competition, such a s merchandising and the hosting of
tournaments.
For more information on the Company, visit www.X1Esports.com or email
Contact
Mark Elfenbein, CEO
The CSE does not accept responsibility for the adequacy or accuracy of
this news release.
Cautionary Statement
This news release contains certain forward -looking information and forward- looking
statements within the meaning of applicable securities legislation (collectively “forward-
looking statements”). The use of any of the words “will”, “intends” and similar expressions are
intended to identify forward-looking statements. These statements involve known and
unknown risks, uncertaintie s and other factors that may cause actual results or events to
differ materially from those anticipated in such forward- looking statements. Such forward -
looking statements should not be unduly relied upon. Actual results achieved may vary from
the informat ion provided herein as a result of numerous known and unknown risks and
uncertainties and other factors. The Company believes the expectations reflected in those
forward-looking statements are reasonable, but no assurance can be given that these
expectations will prove to be correct. The Company does not undertake to update these
forward-looking statements, except as required by law.