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".