React Gaming Group Inc (OTCMKTS:ITMZF) Stock On Radar After Recent News

React Gaming Group Inc (OTCMKTS:ITMZF) on October 24, 2022, announced closing the first tranche of a non-brokered private placement of units of the Corporation at a price of $0.10 per Unit. This would be for gross proceeds of up to about $5,000,000. Under the tranche, the company sold 6,350,000 Units for gross proceeds of $635,000.

Trading Data

On Monday, ITMZF stock ended flat at $0.0670 with more than 100 shares, compared to its average volume of 154 shares. The stock moved within a range of $0.0670 – 0.0670 after opening trade at $0.0670.

React Gaming Announces Closing of First Tranche of $5,000,000 Private Placement of Units of the Corporation and 4:1 Share Consolidation

Every unit comprises a single common share in Corporation’s capital as well as one common share purchase warrant. Every Warrant allows the holder to buy a single additional Share for the next four years from the date of the Warranty issue. If the daily volume weighted average trading price on the TSX Venture Exchange for 10 consecutive trading days exceeds $0.30, the Corporation can fasten the expiry date of the Warrants. This can be through the issuance of the press release announcing the Acceleration Event as well as the new expiry date.

Pursuant to the terms of the Private Placement, the firm aims to issue about 50,000,000 Shares as well as 50,000,000 Warrants. The Corporation issued 6,350,000 Shares as well as 6,350,000 Warrants under the first tranche of the Private Placement.

The Corporation will be paying eligible arm’s length parties a cash fee of 6% of the aggregate value of Units as well as a number of Finders warrants equal to 8% of the Units sold.