Parties close on non-brokered private placement and commercial agreements
VANCOUVER, BC / ACCESSWIRE / April 14, 2022 / Snipp Interactive Inc. ("Snipp" or the "Company") (TSXV:SPN)(OTC PINK:SNIPF), a global provider of digital marketing promotions, rebates, and loyalty solutions, is pleased to announce that it has closed a non-brokered private placement with a subsidiary of Bally's Corporation ("Bally's") (NYSE: BALY) (the "Offering") and entered into two commercial agreements with Bally's, all as previously announced on April 12, 2022.
Pursuant to the Offering, the Company issued a total of 25,000,000 common shares of the Company (the "Shares") to a subsidiary of Bally's at a price of US$0.20 (C$0.25)* per Share, for aggregate gross proceeds of US$5,000,000 (C$6,310,000)*. The proceeds received from the Offering will be used to fund sales & marketing and general working capital purposes. The securities issued as part of the Offering are subject to a hold period of four months and one day from closing, expiring on August 15, 2022. The Offering remains subject to the final acceptance of the TSX Venture Exchange.
* Bank of Canada closing FX Rate on April 11, 2022
Snipp Interactive Inc. (TSX-V: SPN; OTCPK: SNIPF) is a leading Platform-as-a-Service (PaaS) company in the global loyalty and promotions sector. Snipp's proprietary and modular SnippCARE (Customer Acquisition, Retention & Engagement) Platform allows its marquee list of Fortune 500 clients and world-class agencies and partners to use various modules of the Platform to run long-term and short-term programs and promotions, while continually generating and capturing unique zero party data that is invaluable in providing insights to drive sales. SnippCHECK, the Platform's Receipt Processing Module has established itself as the clear industry leader and standard by powering a large majority of all receipt-based promotions in North America. SnippLOYALTY, the Platform's full scale modular loyalty engine allows clients the flexibility of deploying any/all aspects of a standard loyalty program on a case by case basis. SnippREWARDS, the Platform's modular catalogue of digital and physical rewards provides clients with global and easily deployable access to an extensive catalogue of digital and physical rewards. SnippWIN, the Platform's gaming module solves for the implementation and compliance difficulties of offering games of chance and skill on a global basis, and allows for the global deployment and administration of legally compliant games of chance and skill. For more information, visit Snipp's website at www.snipp.com.
Snipp is headquartered in Vancouver, Canada with a presence across the United States, Canada, Ireland, Europe, and India. Snipp is publicly listed on the TSXV in Canada and is also quoted on the OTC Pink marketplace under the symbol SNIPF.
About Gambit Rewards
Gambit is a consumer network that integrates loyalty programs with online gaming & sports betting in America. Part of Snipp Interactive Inc. (TSX-V: SPN; OTCPK: SNIPF), Gambit's platform enables consumers to convert unused loyalty points from across rewards programs into digital play tokens, which can then be used to collect real cash rewards or other prizes from free-to-play games. For more information, visit www.gambitrewards.com.
About Bally's Corporation
Bally's Corporation is a global casino-entertainment company with a growing omni-channel presence of Online Sports Betting and iGaming offerings. It currently owns and manages 14 casinos across 10 states, a horse racetrack in Colorado and has access to OSB licenses in 17 states. It also owns Gamesys Group, a leading, global, online gaming operator, Bally's Interactive, a first-in-class sports betting platform, Monkey Knife Fight, the fastest growing daily fantasy sports site in North America, SportCaller, a leading, global B2B free-to-play game provider, and Telescope Inc., a leading provider of real-time fan engagement solutions.
With approximately 10,000 employees, Bally's casino operations include more than 15,800 slot machines, 500 table games and 5,300 hotel rooms. Upon closing the previously announced Tropicana Las Vegas (NV) transaction, as well as completing the construction of a land-based casino near the Nittany Mall in State College, PA, Bally's will own and manage 16 casinos across 11 states. Its shares trade on the New York Stock Exchange under the ticker symbol "BALY".
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to Snipp, TSXV acceptance of the Offering, , and the use of proceeds received from the Offering, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect Snipp current views and intentions with respect to future events, and current information available to Snipp, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information, including: TSXV acceptance of the Offering and the use of proceeds received from the Offering. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: changes in law; the ability to implement business strategies and pursue business opportunities; state of the capital markets; the availability of funds and resources to pursue operations; a novel business model; dependence on key suppliers and local partners; competition; the outcome and cost of any litigation; as well as general economic, market and business conditions, as well as those risk factors discussed or referred to in disclosure documents filed by Snipp with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect Snipp in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, Snipp does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward -looking information included in this press release is made as of the date of this press release and Snipp undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law. Snipp's results and forward-looking information and calculations may be affected by fluctuations in exchange rates.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Heath Fradkoff, Ward 6 Marketing
SOURCE: Snipp Interactive Inc.