VANCOUVER, BC / ACCESSWIRE / November 14, 2024 / Cypher Metaverse Inc. (CSE:CODE) ("CODE" or the "Company") announces that it has entered into a settlement agreement dated November 14, 2024 in which it terminates its agreement with Agapi Luxury Brands Inc. ("Agapi") that contemplated a business combination of the two companies.
Terms of the Settlement The parties have agreed that Agapi will issue 802,290 common shares at $1.20 per share and issue a royalty on all future sales in settlement of the approximately $962,748 in principal and interest that the Company has advanced to Agapi. The royalties on the gross sales of all current and future products, such royalties to be paid in priority to all existing royalties are as follows: a) A 5% royalty on the first $5,000,000 of gross sales; b) An additional 2.
5% royalty on gross sales from $5,000,001 CAD to $7,500,000. c) An additional 2.5% royalty on gross sales from $7,500,001 CAD to $10,000,000.
About Cypher Metaverse Inc. Cypher Metaverse Inc. seeks early-stage investments in emerging sectors.
The Company identifies such opportunities and applies its relationships and capital to advance its interests. CODE currently 1,435,253 CODE Common Shares issued and outstanding and securities exercisable or exchangeable into 272,065 CODE Common Shares. For further information please contact: Cypher Metaverse Inc.
Corporate Communications George Tsafalas - CEO, Director Phone: Toll-Free 1 (778) 373-8578 Neither the CSE nor its Regulation S.