Looking Glass Labs Announces Private Placement Financing and Debt Settlement
Summary
The Company agreed to satisfy this outstanding indebtedness with Units to preserve the Companys cash for working capital.The Offering and Debt Settlement are expected to close concurrently on or about 17 November, 2023, and remain subject to receipt of all applicable regulatory approvals, including the approval of the NEO Exchange Inc., now operating as Cboe Canada.All securities issued pursuant to the Offering and Debt Settlement will be subject to a statutory hold period of four months plus a day from issuance in accordance with applicable securities laws.The Company is currently seeking and will need to secure additional sources of working capital to continue operations. The Companys plan is to actively secure additional sources of funds, including possible equity and debt financing options, while at the same time focus on exercising careful cost control to sustain operations and, if necessary, the Company will curtail spending. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (MAR), and is disclosed in accordance with the Companys obligations under Article 17 of MAR.The Directors of Looking Glass Labs take responsibility for this announcement.Headquartered in Vancouver, British Columbia, Looking Glass Labs (LGL) specialises in consumer engagement applications to leverage immersive metaverse environments, gamification and Web 3.0 / blockchain monetisation strategies.For further information, please contact:Dorian BanksToll-Free: +1 833 LGL-NFTX (833-545-6389)Email: info@lgl.ioThis press release contains statements that constitute forward-looking information within the meaning of Canadian securities laws (forward-looking statements), which are based upon our current expectations, estimates, projections, assumptions, and beliefs. The forward-looking statements in this press release speak only as of the date hereof and reflect several material factors, expectations, and assumptions. Undue reliance should not be placed on any predictions or forward-looking statements as these may be affected by, among other things, changing external events and general uncertainties of the business.
Funding
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