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VANCOUVER, British Columbia, November 16, 2022 (GLOBE NEWSWIRE) — Pioneer Media Holdings Inc. JPEGPNER (“pioneer” or the “company“), a web3 gaming and infrastructure company, today announced that it has closed the first tranche of its previously announced non-brokered private placement (the “private placement“) of up to $1,000,000. The Company raised gross proceeds of $580,000 from the issuance of 5,800,000 units (the “units“) at $0.10 per unit.

Each unit consists of one common share and one-half of a transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of the Company at an exercise price of $0.25 for a period of 24 months following the closing of the private placement.

The Company intends to use the proceeds from the private placement to further implement its strategic growth strategy, ongoing technology development, general working capital and corporate purposes. All securities issued pursuant to the private placement will be subject to a statutory hold period of four months following the closing of the private placement.

The Company has cash finder’s fees of $6,000 and 60,000 transferable warrants (the “finder’s licenses“) in connection with the private placement. Each finder’s warrant is convertible into one common share of the Company at a price of $0.10 per share for a period of 24 months from issuance.

Certain insiders of the Company’s operating subsidiary participated in the private placement, purchasing a total of 800,000 units at a total cost of $80,000, representing 13.8% of the units issued.

The Company expects to close the second tranche of the private placement in early 2023.

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Application has been made to list the 5,800,000 Offering Shares on the Aquis Stock Exchange (“Admission”). Check-in is expected at 8:00 am…