Cypher Metaverse Inc. announced a non-brokered private placement of 873,999 units at an issue price of CAD 0.11 per unit for proceeds of CAD 96,140 on April 4, 2023. Each unit consists of one common share and one common share purchase warrant at CAD 0.11. Each warrant entitles the holder to purchase one additional common share at CAD 0.15 for a period of two years from the date of closing, subject to the option of the company to accelerate the expiry date in the event that its shares trade at CAD 0.20 or more for 10 consecutive day.

The company paid finders fees to a qualified finder of CAD 1,254 and issued 11,400 broker warrants, which are on the same terms as the warrants forming part of the units. The securities issued will be subject to a statutory hold period until August 5, 2023.