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).
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World Chess
Ilya Merenzon, CEO
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(Sales)
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Yellow Jersey PR
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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.