Elys Game Technology Announces Direct Registered Offering of $3.0 Million

NEW YORK–(BUSINESS WIRE)–Elys Game Technology, Corp. (“Elys” or the “Company”) (Nasdaq: ELYS), an interactive gaming and sports betting technology company, today announced that it has entered into a definitive agreement with a single institutional investor to buy and sell of 3,166,227 common shares of the Company (or common share equivalents) at a purchase price of $0.9475 per common share (or common share equivalent) pursuant to a registered direct offer. The offering is expected to close on or about June 15, 2022, subject to the satisfaction of customary closing conditions.

In addition, in a concurrent private placement, the Company has also agreed to issue warrants to the investor to purchase up to 3,166,227 common shares. The warrants have an exercise price of $0.9475 per share, are exercisable six months from the date of issue and have a term of five years from the original exercise date.

HC Wainwright & Co. is acting as the exclusive placement agent for the offering.

The Company’s gross proceeds from this offering are expected to be approximately $3.0 million, before deducting placement agent fees and other offering costs payable by the Company. The Company intends to use the net proceeds of this offering for working capital and other general corporate purposes.

The Common Shares (or Common Share Equivalents) described above (but not the Warrants issued pursuant to the Concurrent Private Placement or the Common Shares underlying such Warrants) are being offered by the Company pursuant to to a “pending” registration statement on Form S-3 (File No. 333-256815) previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on June 14, 2021. The offering of common stock (or common stock equivalents) is made only by means of a prospectus, including a prospectus supplement, forming part of the effective registration statement. A definitive prospectus supplement and accompanying prospectus relating to the registered direct offering will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, from the SEC’s website at http://www.sec.gov or by contacting HC Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 865-5711 or by email at [email protected]

The Warrants described above have been offered on a private placement pursuant to Section 4(a)(2) of the Securities Act 1933, as amended (the “Act”) ), and Regulation D promulgated thereunder and, together with the common shares underlying the Warrants, have not been registered under the Act or applicable state securities laws. Accordingly, the warrants and the underlying common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of statute. and applicable state securities laws.

This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, and there will be no sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Elys Game Technology, Corp.

Elys Game Technology, Corp., is a global B2B gaming technology company operating in multiple countries around the world, with B2C online and land-based gaming operations in Italy. Elys offers its customers a full range of leisure gaming products and services, such as sports betting, electronic sports, virtual sports, online casino, poker, bingo, interactive games and slot machines. in Italy and is present in five states, including New Jersey and the District of Columbia in the US market. Elys’ vision is to become a world leader in the gaming industry through the development of pioneering and innovative technology.

The Company provides betting solutions, online operator services, casinos, retail betting establishments and franchise distribution networks. Additional information is available on our corporate website at www.elysgame.com.

Investors can also find us on Twitter @ELYS_gaming.

Forward-looking statements

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, including, among other things, the completion of the offering, the satisfaction of customary closing conditions relating to the Offer and the intended use of the proceeds of the Offer. In some cases, these statements are identified by the use of the words “could”, “believe”, “anticipate”, “intend”, “estimate”, “expect”, “may”, ” continue”, “predict”, “potential”, “project” and similar expressions. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict, which could cause actual results differ materially from current expectations and assumptions from those expressed or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to complete the Offer and the risk factors described in the Company’s Annual Report on Form 10-K. for the year ended December 31, 2021 and its subsequent filings with the United States Securities and Exchange Commission, including subsequent periodic reports on Form 10-Q and current reports on Form 8-K. The information in this release speaks only as of the date of this release, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unforeseen events, except as required by law.


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