REG - World Chess PLC - World Chess new strategic investor

World ChessAnnouncement

27/09/2024 07:00

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RNS Number : 8979F  World Chess PLC  27 September 2024

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).

 

 

 World Chess                                           Via Yellow Jersey PR

 Ilya Merenzon, CEO

 Novum Securities Limited -  Financial Adviser         +44 (0) 20 7399 9400

 David Coffman / George Duxberry
 Allenby Capital Limited  - Broker                     +44 (0) 20 3328 5656

 Joscelin Pinnington / Tony Quirke (Sales)

 John Depasquale / Lauren Wright (Corporate Finance)

 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 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
(https://worldchess.com) .

 

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