Gamelancer Media Corp. announced a non-brokered private placement of up to 15,000 secured debenture at an issue price of CAD 1,000 per debenture unit for gross proceeds of CAD 15,000,000 led by Max Desmarais and the Chretien-Desmarais Family on October 13, 2022. Each debenture unit will be comprised of CAD 1,000 principal amount of 12% secured debentures of the company and 100 common share purchase warrants of the company.

Each warrant will be exercisable into one common share of the company at an exercise price of CAD 0.07 per warrant share for a period of 36 months from the closing of the offering. The debentures shall mature on the date that is 60 months from the closing of the offering. The debentures shall bear interest at a rate of 12% per annum from the closing of the offering, payable on the last business day of each calendar quarter, with the first 18 months of accrued interest payable on the maturity date.

The company will appoint an agent to act as transfer agent and a bare trustee to hold a first ranking security interest on behalf of the debenture holders. The debentures will be subject to redemption, in whole or in part, at the option of the company at any time after the first anniversary of the closing of the offering upon giving the holders not less than 30 and not more than 60 days' prior written notice, at a price equal to the then outstanding principal amount of the debentures plus all accrued and unpaid interest up to and including the redemption date. All securities issued pursuant to the offering will be subject to a four month hold period from the date of issue.