MetaWorks signs asset purchase agreement to acquire UtopiaVR metaverse platform

WASTE ENERGY CORP.

Acquires UtopiaVR.com platform, Web3 business metaverse tech, domain portfolio, and patent-pending haptics IP.
Consideration: 7 million shares of common stock plus $700k and $154,250 convertible promissory notes (total $854,250).
Notes mature in 1 year ($700k) and Dec 15, 2023 ($154k), convertible at $0.10/share after 6 months.
Securities issued are unregistered; no public offering. Apex VR Holdings is arm's length to MetaWorks.
Acquisition is expected to expand MetaWorks' Web3 platform offerings and licensing opportunities.

item 1.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

WASTE ENERGY CORP. entered into Agreement with Apex VR Holdings, Inc. (effective 2023-06-16).

Action: entry
Agreement: asset purchase
Counterparty: Apex VR Holdings, Inc.
Effective: 2023-06-16

Exact text from the filing

Effective as of June 16, 2023, we entered into an asset purchase agreement (the “ Agreement ”) with Apex VR Holdings, Inc. (“ Apex ”), whereby we will purchase certain intellectual property assets

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WASTE ENERGY CORP. filing history →

Source: SEC EDGAR

accession 0001493152-23-022238

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