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LONDON - World Chess Plc (LSE: CHSS), a prominent chess organization and commercial partner of the International Chess Federation (FIDE), has announced the issuance of 22,666,672 new ordinary shares. The company has completed the transactions under its subscription agreement with Blitz Intelligence FZCO and a put option agreement.
The shares issued to Blitz amount to 12 million ordinary shares at €0.10 each, following the full receipt of the due amounts under the subscription agreement dated September 27, 2024. Additionally, World Chess is issuing 10,666,672 ordinary shares at an amended price of €0.0375 each, as part of the first tranche of a put option agreement exercised on June 30, 2024, with the delayed issuance agreed upon by the investor.
The new shares are expected to be admitted to the Official List and commence trading on the Main Market of the London Stock Exchange (LON:LSEG) around February 28, 2025. These shares will rank equally with the existing ordinary shares of the company. Following this issue, World Chess’s issued share capital will consist of 715,108,659 ordinary shares.
Shareholders have been advised to use the total figure of 715,108,659 as the denominator for calculations to determine if they need to notify their interest or any changes to their interest in the company, in accordance with the Financial Conduct Authority’s Disclosure Guidance & Transparency Rules.
The announcement, which was initially made with an error regarding the issue price of the ordinary shares under the put option agreement, has now been corrected. The company has confirmed that all other details of the equity issue remain unchanged.
World Chess is known for organizing FIDE Championship Matches and developing innovative chess-related activities, including the Armageddon chess league and the FIDE Online Arena. This issuance of equity is part of the company’s ongoing efforts to enhance the global appeal of chess.
The information in this article is based on a press release statement from World Chess Plc.
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