CUMMING, GA / ACCESSWIRE / November 9, 2023 / Metavesco, Inc. (OTC PINK:MVCO) (the "Company"), a publicly-traded Web3 enterprise and digital asset innovator, is pleased to announce that it has secured new funding through a significant investment.
The investment is structured as a note for $650,000 with an 8% original issue discount (OID) and a 12.5% annual interest rate. The note is non-convertible, due in full in five years, and features no prepayment penalty. A copy of the note was included in an 8-k filing with the Securities and Exchange Commission.
"This new capital will ensure that we are well-equipped to foster significant growth and have the resources to execute on our Division 5 initiative to diversify into five business divisions.", stated Metavesco CEO, Ryan Schadel. "I believe we are entering a period of rapid growth and activity at Metavesco. A large portion of this capital is already earmarked between working capital for upcoming acquisitions, investment in marketing for Boring Brew, our world class specialty coffee brand, and the purchase of additional bitcoin miners."
Mr. Schadel continued, "While the Company is indeed diversifying, Metavesco is actively seeking to enhance its crypto portfolio and bitcoin mining business. Given the current regulatory environment, as a crypto-focused enterprise, I believe that transitioning to the Alternative Reporting Standard (ARS) as an OTC Markets filer is in the best interests of our shareholders. Doing so will provide us with the flexibility and agility required to navigate the dynamic crypto market effectively."
In the coming days, Metavesco intends to file a Form 15 with the Securities and Exchange Commission, marking the official move to the ARS. This strategic shift underscores Metavesco's commitment to transparency and shareholder value, reflecting confidence in the future of both Metavesco and the broader cryptocurrency sector.
Metavesco is a web3 enterprise and digital asset innovator. The Company generates revenue as a crypto liquidity provider via decentralized exchanges such as Uniswap, and the Company farms tokens via Proof of Stake protocols. The Company has bitcoin mining operations at hosted facilities in TX and KY. The company also invests in promising NFT projects and virtual land including OthersideMeta. Through its wholly owned subsidiary, the Company operates Boring Brew, a specialty coffee company utilizing owned and licensed NFT IP as unique packaging.
Safe Harbor Statement
This press release contains statements that constitute forward-looking statements. These statements appear in a number of places in this press release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; and (iii) growth strategy and operating strategy. The words "may", "would", "will", "expect", "estimate", "can", "believe", "potential", and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is included in the Company's filings on sec.gov.
SOURCE: Metavesco, Inc.
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