World Chess PLC Issue of Equity (3090L)

TIDMCHSS

RNS Number : 3090L

World Chess PLC

04 September 2023

World Chess Plc

("World Chess" or the "Company" or the "Group")

Issue of Equity

World Chess plc (LSE: CHSS), a leading chess organisation seeking to promote the mass market appeal of chess globally through the offering of different chess-related activities, is pleased to announce that it has signed an agreement ('Agreement') with an existing shareholder whereby the shareholder will subscribe for 21,663,386 new ordinary shares of 0.01p each in the Company ('Subscription Shares') at a price of EUR0.07 per share equating to an aggregate consideration of EUR1,508,737.02 ("Consideration"). The Consideration is payable in 7 tranches between September 2023 and March 2024. It is intended that Subscription Shares will only be issued following receipt of the full amount of the Consideration, although the Agreement does give the right to the Board to issue shares against payments received at any time in advance of the final payment.

Application for admission of Subscription Shares to trading on the Main Market of the London Stock Exchange will be made following issue. The Subscription Shares rank pari passu with the existing ordinary shares of the Company.

Ilya Merenzon, Chief Executive Officer of World Chess, said:

"We are pleased that an existing shareholder has agreed to increase their Investment in the Company and look forward to sharing further news about the Company's development and future plans in due course."

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

   For more information, please visit   https://worldchess.com/investors   or contact: 
 
 World Chess                         Via Yellow Jersey PR 
  Ilya Merenzon, CEO 
 Novum Securities Limited 
  David Coffman / George Duxberry    +44 (0) 20 7399 9400 
 Yellow Jersey PR 
  Charles Goodwin                      +44 (0) 774 778 8221 
  Annabelle Wills                      +44 (0) 777 519 4357

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 organized the FIDE Championship Matches in the USA, and the UK, and revolutionized 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 worldchess.com.

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(END) Dow Jones Newswires

September 04, 2023 07:51 ET (11:51 GMT)

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