PopReach Announces $5 Million Strategic Investment by Alibaba Group's Global Investment Arm

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[{"type":"text","content":"\n \n \n \n PopReach Announces $5 Million Strategic Investment by Alibaba Group's Global Investment Arm\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n TORONTO, Oct. 15, 2020\n \n \n \n \n \n /NOT FOR DISSEMINATION IN THE\n \n UNITED STATES\n \n OR FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES/\n \n \n \n \n eWTP Tech Innovation Fund LP to support PopReach's global expansion as Special Advisor to\n \n Asia\n \n \n \n \n \n TORONTO\n \n ,\n \n Oct. 15, 2020\n \n /CNW/ - PopReach Corporation (\"\n \n PopReach\n \n \" or the \"\n \n Company\n \n \") (TSXV: POPR) (OTCQX: POPRF) announced today that, further to an initial non-binding letter of intent accepted on\n \n September 25, 2020\n \n and a price reservation pursuant to the policies of the TSX Venture Exchange, it has received a binding subscription agreement for a strategic investment by New Insight Incentive Plan Company, a 100% owned subsidiary of eWTP Tech Innovation Fund LP (\"\n \n eWTP\n \n \"), the global investment arm of Alibaba Group. Pursuant to the binding agreement and subject to the policies of, and approval by, the TSX Venture Exchange, eWTP will invest\n \n $5,000,000\n \n in PopReach by subscribing for up to 6,944,444 common shares at a price of\n \n $0.72\n \n per common share (representing a 10% discount to the closing price of the shares on the TSX Venture Exchange on\n \n September 24, 2020\n \n ) in a non-brokered private placement (the \"\n \n Private Placement\n \n \"). The Company intends to use the net proceeds from the Private Placement to fund acquisitions and for other general corporate purposes.\n \n \n \n \n \n \n \n \n \n \"The team at eWTP are preeminent investors in the games industry and we are delighted to have them as shareholders of PopReach,\" said\n \n Jon Walsh\n \n , Co-Founder and CEO of PopReach. \"In addition to providing us with additional capital to execute against our pipeline of acquisition opportunities, we are thrilled be able to leverage eWTP's strategic insights, connections, a...

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