Liquid Avatar Technologies Announces Closing of 2nd Tranche of Non-Brokered Private Placement

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TORONTO, ON / ACCESSWIRE / August 31, 2022 / Liquid Avatar Technologies Inc. (CSE:LQID / OTCQB:LQAVF / FRA:4T51) (the "Company"), a global blockchain and FinTech solutions company focused on digital identity, integrated avatars, and the Metaverse, is pleased to announce that it has closed the second tranche of its non-brokered private placement of units ("Units") for gross proceeds of approximately $115,000 (the "Non-Brokered Offering") previously announced on June 24, 2022. A total of 2,300,000 Units were issued at a purchase price of $0.05 per Unit, with each Unit comprised of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant is exercisable to acquire one Common Share (a "Warrant Share") at an exercise price of $0.10 per Warrant Share for a period of 36 months from the date of closing. The Units will have a hold period of four months and one day from the applicable closing.

In connection with the Non-Brokered Offering, the Company paid finder's fees in the aggregate sum of $3,500 and issued 70,000 finder's warrants (the "Finder's Warrants") to certain eligible finders. Each Finder's Warrant entitles the holder to purchase one Common Share at an exercise price equal to C$0.10 per Share at any time up to 36 months following the closing.

The securities described herein have not been, and will not be, registered under the United States securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the US. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

For more information on Liquid Avatar Technologies, please visit https://liquidavatartechnologies.com.

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About Liquid Avatar Technologies Inc. - https://liquidavatartechnologies.com

Liquid Avatar Technologies Inc. focuses on the verification, management and monetization of Self Sovereign Identity, empowering users to control and benefit from the use of their online identity.

The Liquid Avatar Mobile App, available in the Apple App Store and Google Play, is a verified Self Sovereign Identity platform that empowers users to create high quality digital icons representing their online personas. These icons will allow users to manage and control their digital identity and Verifiable Access and Identity Credentials, and to use Liquid Avatars to share public and permission based private data when they want and with whom they want.

The Liquid Avatar Verifiable Credentials Ecosystem (LAVCE) has been developed to support all participants in a digital credential ecosystem, including the Holder, Issuer and Verifier, using state-of-the-art blockchain and open standards technologies initially as a node on the Indicio Network. The Company is a voting and steering committee member of the Trust over IP Foundation, founding and steering committee member of Cardea, a Linux Foundation Public Health project, member of the Good Health Pass collaborative, DIACC, the Covid Credentials Initiative ("CCI"), The Linux Foundation and a founding member of the Lumedic Exchange.

The Company has a suite of early-stage programs that support the Liquid Avatar Mobile App program, including Liquid Shopz, a cash back and reward program that has over 600 leading online merchants, which is in the pre-launch phase, and is working to release its own branded network payment card in the United States, the LQID Card, with the world's first Metaverse Rewards program.

The Company's subsidiary, Oasis Digital Studios, is a creative and development agency that supports a wide range of artists, talent, and enterprises with Non-Fungible Token (NFT) solutions. Oasis owns 50% of and controls the Aftermath Islands Metaverse program.

Liquid Avatar Technologies Inc. is publicly listed on the Canadian Securities Exchange (CSE) under the symbol "LQID" (CSE:LQID).

The Company also trades in the United States, on the OTCQB under the symbol "LQAVF" and in Frankfurt under the symbol "4T51".

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SOURCE: Liquid Avatar Technologies Inc.