Alpha Esports Tech Inc. Announces Filing of Preliminary Prospectus and Closes Private Financing
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Alpha Esports Tech Inc. Announces Filing of Preliminary Prospectus and Closes Private Financing

Monday, January 11, 2021 9:00 AM
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Company Update

VANCOUVER, BC / ACCESSWIRE / January 11, 2021 / Alpha Esports Tech Inc. ("Company" or "Alpha Tech") is pleased to announce that on January 5, 2021 it filed a non-offering preliminary prospectus with the British Columbia Securities Commission (the "BCSC"), Alberta Securities Commission and Ontario Securities Commission for the purposes of the Company becoming a reporting issuer pursuant to applicable securities legislation in the Provinces of British Columbia, Alberta and Ontario, and to become eligible for listing pursuant to the policies of the Canadian Securities Exchange (the "CSE"). Listing will be subject to the Company fulfilling all of the listing requirements of the CSE. The CSE has not conditionally approved the Company's listing application and there is no assurance that it will do so.

Closing of $0.35 Financing

The Company is also pleased to announce that on December 22, 2020, it completed a private placement pursuant to which it issued 16,816,168 units (each a "Unit") at a price of $0.35 per Unit for gross proceeds of $5,885,658.

Each Unit is comprised of one common share of the Company (a "Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"), with each Warrant entitling the holder thereof to purchase one common share (a "Warrant Share") of the Company at a price of $0.50 per Warrant Share for a period of twenty-four (24) months. The Company also issued 389,000 broker warrants (the "Broker Warrants") in respect of finder's fees. Each Broker Warrant entitles the holderthereof to purchase one Share at a price of $0.50 for a period of 24 months.

On Behalf of The Board of Directors
Matthew Schmidt
Interim CEO and Director

About Alpha Esports Tech Inc.

Alpha Esports Tech Inc. is a technology company that focuses on emerging markets in Esports, mobile gaming, ecommerce, blockchain and high growth opportunities. Through a strong portfolio of technology assets, we bring a new edge to modern gaming. Learn more at: www.alphaesports.com.

Contact:

Investor Relations: [email protected] - 604 359 1256
Media: [email protected] - 917 674 8292

Forward Looking Statement

This news release contains statements and information that, to the extent that they are not historical fact, may constitute "forward-looking information" within the meaning of applicable securities legislation that reflect the current view and/or expectations of management the Company based on information currently available to them with respect to performance, business and future events, including statements related to the completion of the listing of the common shares of the Company on the CSE, the Company obtaining a receipt for a final prospectus, the Company becoming a reporting issuer, and the Company's plans, focus and objectives. In some cases, forward-looking statements can be identified by terms such as "may", "would", "could", "will", "likely", "except", "anticipate", "believe", "intend", "plan", "forecast", "project", "estimate", "outlook", or the negative thereof or other similar expressions concerning matters that are not historical facts.

Forward-looking information is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Important factors that could cause actual results to differ materially from the Company's expectations include, the Company's limited operating history, additional capital requirements, competition, the Company's ability to complete the listing of its common shares on the CSE, the impact and progression of the COVID-19 pandemic and other risk factors set forth in the Company's preliminary prospectus under the heading "Risk Factors". Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company's management to predict all of such factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.

SOURCE: Alpha Esports Tech Inc.

Alpha Esports Tech Inc.
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