GameOn has just received a $550,000 loan from our great partner.
GameOn Entertainment Technologies has entered into an agreement with Proje Ventures, a leading investment firm that specializes in the gaming industry. The loan will see Gameon borrow $550K to grow their business and continue expanding!
GameOn is leveraging the power of loans to enhance their operations. The first loan, which will be used for general purposes and bears interest at a non-compounding rate 14% per annum, has been agreed upon by both parties in accordance with its terms!
The company has secured a loan that will mature on the 18th month anniversary of its closing date. The amount is based off their monthly recurring revenue from assets and contracts, meaning it should be enough security for this important transaction!
The new shares will be a huge asset for GameOn as they have been issued at an exercise price of $0.06 per share, which is less than half the current market value!
The company also granted 5 683 533 warrants to buyers who can buy one common share each time until 2024 with no set limit on how many you may purchase (although there’s some wavering).
GameOn’s CEO, Matt Bailey said that the company is excited about their new partnership with Proje. He explained they will be able to survive through these tough market conditions and thrive once again in a few years time when Game On’s financial situation has improved even more!
GameOn has been on an exciting journey since they first started playing games in college. After university, GameOn’s founder went onto found this company that is now making millions of dollars with their innovative idea – it’s clear to see why he did!
In Q1 2022 our revenue grew by 23% year-over came which means we are trending towards achieving $1m within the next few years not including any income from agreements we have signed so far.
The company is looking to turn things around with the appointment of David Meltzer, an industry insider who has been involved in game development for years. He’ll be tasked with helping lead GameOn as they strive towards increased revenue and profitability.
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