GameOn Entertainment Technologies Inc. announced a non-brokered private placement of CAD 1.2 million series A convertible notes on June 8, 2023. The transaction will include participation from new investor, Lightning Capital Management Group. The convertible notes carry an interest rate of 10% per annum.

If the convertible notes are converted earlier into common shares, the principal and accrued interest of the Investment will be due and payable by the company to the holders of the Investment on the date that is twenty-four months from the date of the issuance of the investment. The Investment plus any accrued but unpaid interest thereon will be convertible into shares at a price of CAD 0.10 per share. The securities issued will be subject to a 4 month one day hold period from the date of issue of the convertible notes forming the investment, or the shares.

The completion of the private placement remains subject to the receipt of all necessary approvals, including the approval of the Canada Stock Exchange.