The9 To Receive $8 Mln Investment From Crypto Funds To Establish Global GameFi Platform

(RTTNews) - The9 Ltd. (NCTY), a Shanghai-based online game operator, Monday announced that it has signed private placement agreements with cryptocurrency investment funds Elune Capital, Fine Vision Fund and Bripheno Pte. Ltd. The new investment will be used to establish a company to operate its global GameFi platform.

The Investors will provide $8 million against the issue of Class A common shares. The9 has agreed to issue 302,263,200 stock warrants equivalent to 1,007,544 ADSs to investors, each with the right to purchase one Class A common share. The exercise price of part of the warrants is $60 per ADS. All warrants have an exercise period of two years.

George Lai, Executive Director and CFO of The9, said: "This strategic cooperation is an important milestone for The9 to enter into the global GameFi industry. The investment and support from well-known cryptocurrency investment funds will make our new global GameFi platform concept "The Platform is a Big Game" possible. We plan to issue 10% of our shares within 3 years to support the future market, operation and exchange of GameFi coins.