GameOn will receive $550,000 in loan agreement

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GameOn Entertainment Technologies has entered into a loan agreement with capital advisory and venture capital firm Proje Ventures. The deal which will see GameOn borrow a total of $550,000.

GameOn intends to use the loan proceeds to support general working capital needs. In accordance with the agreed terms, the loan will bear interest at a non-compounded rate of 14% per annum, payable in arrears each month.

The loan will mature on the 18e anniversary month of the closing date and will be secured by the company’s monthly recurring revenue from its assets and contracts.

In addition, pursuant to the terms of the loan from Proje, GameOn issued 5,683,533 warrants to purchase ordinary shares of the company, each exercisable to acquire one common share of the Company at any time through July 5, 2024 at an exercise price per bonus warrant of $0.06, subject to certain conditions.

GameOn CEO Matt Bailey said, “This strategic partnership with Proje allows us to survive current market conditions and thrive beyond. The cash injection and reserved revenue expected to go live in Q3, Q4 and next year puts us on track for self-sufficiency and profitability in 2023.”

In Q1 2022, GameOn recorded revenue of $207,151, compared to $2,791 in Q1 2021. Company management believes GameOn is on track to reach $1 million in revenue in 2022, not including revenues from revenue sharing agreements.

In June 2022, GameOn appointed David Meltzer to its board of directors as the company seeks to focus on increasing revenue and profitability.

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