MetaWorks Platforms, Inc. announced that it expects to receive $0.146 million in funding
March 29, 2024
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MetaWorks Platforms, Inc. announced private placement of 2,500,000 common shares at a price of $0.02 per common share for gross proceeds of $50,000 and entered into a promissory note agreement of Convertible promissory note for a gross proceeds $96,000, bringing aggregate proceeds of $146,000 on March 1, 2024. The Notes bear interest rate of 15% and matures on December 30, 2024. The transaction included participation from 1 individual investor for common stock and one subscriber in case of Convertible note. On March 1, 2024 company converted $25,000 of debt into 625,000 shares of our common stock at a value of $.04 per share. The total amount of the Promissory Note of $110,400 (including principal and interest) will be repaid in one(1) balloon payment of $55,200 due August 30, 2024. After the balloon payment, five (5) payments each of US$13,800, the first payment due on September 30, 2024, with subsequent payments each month thereafter. We will have a five-day grace period with respect to each payment.
On same date, the company issued 2,500,000 common shares at a price of $0.02 per common share for gross proceeds of $50,000 it its first tranche.
MetaWorks Platforms, Inc. is a Web3 company. The Company owns and operates blockchain platforms in the entertainment technology space. It owns and operates movie distribution platforms Vuele.io and MusicFX.io, its fan engagement platform that creates connections between fans and artists using Web3 technologies. The Company's business model is to provide a turnkey set of services to develop and integrate Web 3.0/Metaverse technologies, NFT, blockchain, and cryptocurrency technologies. Its services include strategic planning, project planning, structure development and administration, business plan modeling, technology development support, whitepaper preparation, due diligence reporting, governance planning and management, and movie distribution. The Company also operates artificial intelligence (AI)-powered avatar metaverse platform UtopiaVR.com. The Utopia Metaverse provides a Web-based audio and video conferencing platform that utilizes three-dimensional (3D) Web technology.