X1 Entertainment Group Inc. announced a non-brokered private placement of 8,000,000 units at an issue price of CAD 0.25 per unit for the gross proceeds of CAD 2,000,000 on June 18, 2024. Each unit will comprise one common share and one share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional share at a price of CAD 0.30 per warrant share for a period of 24 months from the date of closing.

The company may, in its sole discretion, increase the size of the offering to up to CAD 3,000,000 based on market conditions and investor demand. Closing of the offering will occur only following shareholder approval of the COB and is intended to complete concurrently with completing the COB, which also requires the approval of the Canadian Securities Exchange (the CSE). The company may pay a finder's fee in connection with the offering to eligible arm's-length finders in accordance with the policies of the CSE.

All securities issued in connection with the offering will be subject to a statutory hold period of four months and one day following the closing date in accordance with applicable Canadian securities laws.