VANCOUVER, British Columbia–(BUSINESS WIRE)–NFT Technologies Inc. (NEO: NFT | Frankfurt: 8LO | OTCQB: NFTFF) (“NFT Tech”), a leading technology company partnering with top-tier brands to accelerate their entry into the world of web3 through innovative technologies and unparalleled creativity, announces updates regarding its acquisition of Run It Wild Pty Ltd, a multidisciplinary blockchain, metaverse and NFT development studio (the “Transaction”).
The Company and Adam de Cata, as vendor, entered into a share purchase agreement on July 7, 2022, for the acquisition of Run It Wild by NFT Tech. Concurrently with entering into the share purchase agreement, Adam de Cata has transitioned from his previous role as an advisor following his appointment as Chief Executive Officer of NFT Tech on July 7, 2022. Further to its news release of July 7, 2022, the Company and the Vendor have entered into an amending agreement to extend the outside date for closing of the transaction to February 24, 2023.
About the Transaction
The Transaction is anticipated to be completed pursuant to a share purchase agreement between NFT Tech and the vendor dated July 7, 2022, as amended November 30, 2022. On closing of the Transaction, NFT Tech will issue 10,000,000 common shares and a cash payment of C$250,000 in exchange for acquiring all of the issued and outstanding shares of Run It Wild.
Under the amended terms, the parties have agreed to remove the conditional “earn-out” payments described in the July news release. The parties have agreed to the payment of “first mint proceeds” to the vendor on certain ongoing NFT projects of Run It Wild on the terms and conditions set forth in the amending agreement, up to an aggregate maximum of C$5,000,000. First mint proceeds refers to the net revenues recognized by the Company during the first 30 days from the mint and launch of certain specified NFT projects.
The Company engaged Hillside Media and Consulting Ltd. for strategic digital media services, marketing and data analytics services on an ongoing basis effective December 21, 2022. The services rendered by Hillside Media and Consulting Ltd. under the initial term of three months of its engagement total in the aggregate $250,000 and the parties have agreed that such fees may be satisfied by the issuance of common shares of the Company. The price per share was fixed by the board and under the agreement as $0.15 per share and, as a result, the Company has issued 1,666,666 common shares.
About Run it Wild
Run It Wild partners with brands to navigate the possibilities of Web 3.0. It specialises in art, collectibles and gaming. With a diverse portfolio that includes blue-chip brands such as Australian Open, Linktree and Elvis Presley, through to creators such as Kelly Wearstler, Alex Trochut and David McLeod, Run It Wild have found product-market fit in partnering with brands to navigate the possibilities of Web 3.0.
About NFT Tech
NFT Tech builds products