X1 Esports & Entertainment, a games & media portfolio company, announced that its shares will begin trading on June 30, 2022 on the Canadian Securities 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. 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,” X1 Chief Executive Officer Mark Elfenbein said.
The Company has completed its initial public offering for aggregate gross proceeds of $3,111,669, consisting of the sale of 6,914,820 units at a price of $0.45 per Unit. The Offering was completed pursuant to a final prospectus dated May 19, 2022. Each Unit consisted of one (1) common share in the capital of the Company and one (1) common share purchase 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 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.