Abner Labs Closes Distribution Round Private Placement

Vancouver, British Columbia–(Newsfile Corp. – February 9, 2022) – Abner Labs announces that it has closed its distribution round private placement in the largest and fastest crowdfunding private placement in the history of the Vested crowdfunding platform at the time of the private placement.

“Within hours, we shot past our target number of investors and target amount of funding. We smashed all records,” said Dr David Bate, Chairman.

“This represents an important vote of confidence in the Company by Canadian retail investors and a significant step towards realization of the Company’s ambition to be a leading sports betting technology company,” concluded Dr Bate.

DISTRIBUTION ROUND

Abner issued 2 287 000 special warrants (the “Special Warrants”) at a price of $0.05 per Special Warrant for aggregate gross proceeds of approximately $114 000. Each Special Warrant automatically converts into a share in the capital of the Company (“Shares”) on a one-to-one basis upon satisfaction of certain conditions. The Company also issued 227 000 Shares at a price of $0.05 per Share for aggregate gross proceeds of approximately $11 000.

The Company paid a 5% fee to use the Vested equity crowdfunding platform and issued 200 000 special warrants (“Vested Warrants”) at a deemed price of $0.05 per Vested Warrant to Vested Technology Corporation.

The Company is exploring a number of strategic opportunities for raising additional capital and liquidity as it continues to re-invest working capital in the acquisition of Abner Technology Group Limited and commercialization of its proprietary ibetmobile sports betting technology.

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ABOUT THE COMPANY

Abner Innovation Laboratories Limited (“Abner Labs”) is a British Columbia, Canada, company formed to acquire Abner Technology Group Limited (“Abner Group”), owner of the ibetmobile sports viewing and betting technology platform. This proprietary, artificial intelligence (“AI”) driven smart technology makes watching and wagering on live sports on any online device as easy as playing video games.

For more information about ibetmobile and Abner Labs, please visit: www.abner-labs.com

FURTHER INFORMATION

Ms Tatiana Munro-Cameron
Vice President, Engagement
Abner Innovation Laboratories Limited
+(27) 78 251 8307
tatiana.munro-cameron@abner-labs.com

Mr Keenan Gentry
Capital Markets Advisor
Abner Innovation Laboratories Limited
+(1) 416 770 3342
keenan.gentry@abner-labs.com

FORWARD LOOKING STATEMENTS

This news release contains certain “forward looking information” and “forward looking statements” (collectively referred to as “forward looking statements”). These forward looking statements relate to future events or the Company’s future performance. All statements other than statements of historical fact are forward looking statements. Often, but not always, forward looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates” or “believes” or variations of or the negatives of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Particularly, information regarding the Company’s expectations of future results, targets, performance achievements, prospects or opportunities is forward looking information.

Forward looking statements in this news release include but may not be limited to statements about: the Company becoming a leading sports betting technology company; the Company exploring opportunities for raising additional capital; the Company acquiring Abner Labs; and the Company commercializing the ibetmobile sports betting technology. Forward-looking statements are based on management’s assumptions as at the date the forward-looking statements and include but are not limited to assumptions regarding: the Company’s ability to acquire Abner Labs; the Company’s ability to raise additional capital; and the Company’s ability to commercialize the ibetmobile sports betting technology.

Though management believes that its assumptions are reasonable in the circumstances, forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to differ materially from all or any of the future results, performance or achievements expressed or implied by forward looking statements.

Risk factors that could cause the Company’s actual results, performance or achievements to differ from the forward looking statements in this news release include, but may not be limited to: the inability of the Company to fulfill the conditions or obtain the necessary regulatory approvals to complete the acquisition of Abner Labs and/or the ibetmobile sports betting platform; adverse or unexpected changes to regulatory regimes related to the sports betting industry; and general market and economic risks.

Accordingly, readers should not place undue reliance on forward looking statements. The Company undertakes no obligation to update these forward looking statements other than as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113260