VANCOUVER, BC / ACCESSWIRE / November 14, 2024 / Cypher Metaverse Inc. (CSE:CODE) ("CODE" or the "Company") announces that it has entered into a settlement agreement dated November 14, 2024 in which it terminates its agreement with Agapi Luxury Brands Inc. ("Agapi") that contemplated a business combination of the two companies.
Terms of the Settlement
The parties have agreed that Agapi will issue 802,290 common shares at $1.20 per share and issue a royalty on all future sales in settlement of the approximately $962,748 in principal and interest that the Company has advanced to Agapi.
The royalties on the gross sales of all current and future products, such royalties to be paid in priority to all existing royalties are as follows:
a) A 5% royalty on the first $5,000,000 of gross sales;
b) An additional 2.5% royalty on gross sales from $5,000,001 CAD to $7,500,000.
c) An additional 2.5% royalty on gross sales from $7,500,001 CAD to $10,000,000.
About Cypher Metaverse Inc.
Cypher Metaverse Inc. seeks early-stage investments in emerging sectors. The Company identifies such opportunities and applies its relationships and capital to advance its interests.
CODE currently 1,435,253 CODE Common Shares issued and outstanding and securities exercisable or exchangeable into 272,065 CODE Common Shares.
For further information please contact:
Cypher Metaverse Inc. Corporate Communications
George Tsafalas - CEO, Director
Phone: Toll-Free 1 (778) 373-8578
Neither the CSE nor its Regulation Services Provider (as that term is defined in policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws. Although CODE believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because CODE can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on. The statements in this press release are made as of the date of this press release. CODE undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of CODE, except as required by securities laws.
SOURCE: Cypher Metaverse Inc.
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