World Chess new strategic investor

World Chess PLC

27 September 2024

 

27 September 2024

World Chess Plc

("World Chess" or the "Company")

World Chess new strategic investor

World Chess plc (LSE: CHSS), a leading chess organisation committed to enhancing the global mass market appeal of chess by introducing a variety of innovative chess-related activities, is pleased to announce that it has entered into a subscription agreement with a new investor, Blitz Intelligence FZCO, a gaming technology consultancy.

Under the agreement, the investor has agreed to subscribe for 12,000,000 new ordinary shares ("Shares") at a price of €0.10 per share, a premium of approximately 58.6% to the previous closing mid-market price on 26 September 2024, for a total subscription amount of €1,200,000.

The subscription amount will be paid in three installments, with the final payment due on 15 January 2025. Application will be made for the Shares to be admitted to the Official List and to trading on the London Stock Exchange's Main Market following receipt of the final payment.

This strategic investment strengthens World Chess's financial position and will support the Company's ongoing initiatives to further its growth in the chess and technology sectors.

Ilya Merenzon, Chief Executive Officer of World Chess, said "We are pleased to welcome a new strategic investor in World Chess. This partnership signifies our shared vision in the commercial potential of chess, one of the oldest sports on the planet and, in my view, one the most underdeveloped sports properties  in the world. This is perfect timing for new investment as we continue to develop commercial products to address the market of hundreds of millions of people who have a passion for chess."

Lev Miller, Director of Blitz Intelligence, said: "We firmly believe that chess is a sleeping giant in the world of sports, and we are delighted to take a position in the company that develops it globally. World Chess is the only listed company in the world that is focused solely on chess and we are more than excited to now be a part of this story".

For more information, please visit https://worldchess.com/investors:

This announcement contains information that, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

World Chess Ilya Merenzon, CEO	Via Yellow Jersey PR
Novum Securities Limited -  Financial Adviser  David Coffman / George Duxberry	[phone]
Allenby Capital Limited  - Broker Joscelin Pinnington / Tony Quirke (Sales) John Depasquale / Lauren Wright (Corporate Finance)	[phone]
Yellow Jersey PR Charles Goodwin Annabelle Wills	[phone] [phone]

Notes to Editors

About World Chess Plc

World Chess (LSE: CHSS) is a London-based chess gaming and entertainment company and Fédération Internationale des Échecs ('FIDE') official commercial partner. World Chess organised the FIDE Championship Matches in the USA, and the UK, and revolutionised the sport by signing the biggest media partnerships in history. World Chess develops Armageddon, the chess league for prime-time television. World Chess also runs FIDE Online Arena, the exclusive official chess gaming platform. More at https://worldchess.com. 

 

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