Saudi Arabia-based NEOM Investment Fund will invest $50 million in Hong Kong-based gaming firm Animoca Brands.
Animoca Brands said in a statement on Monday that the firm has entered into a strategic partnership memorandum of understanding with NEOM Investment Fund to drive regional Web3 initiatives in line with the Saudi Vision 2030 plan.
Alongside the strategic partnership, Animoca Brands and NEOM Investment Fund have signed a convertible notes financing term sheet.
NEOM Investment Fund is proposing to invest $50 million in Animoca Brands, of which $25 million will be via the issuance of convertible notes at a conversion cap price of AUD 4.50 ($2.86) per share and the remaining $25 million will be invested in purchasing the company’s shares on the secondary market.
As part of the strategic relationship, Animoca Brands will work with NEOM Investment Fund on building Web3 enterprise service capabilities with global commercial applicability, which will be deployed to support technology advancements in Riyadh and the NEOM region, a project for a new urban area in northwest Saudi Arabia envisioned as a hub for technology, trade, entertainment and tourism.
Source: Technode Global