Rivalry Announces Closing of First Tranche of Previously Announced Strategic Financing

Rivalry Corp., an internationally regulated sports betting and media company, is pleased to announce that, further to its press release dated April 26, 2023, the Company has closed the initial tranche of its non-brokered private placement (the “Private Placement”) for aggregate gross proceeds of $6,916,519.50. All dollar figures are quoted in Canadian dollars.

In connection with the closing of the initial tranche of the Private Placement, the Company issued an aggregate of 4,611,013 subordinate voting shares in the capital of the Company (“Subordinate Voting Shares”) at a price of $1.50 per Subordinate Voting Share. The Company expects to close the final tranche of the Private Placement shortly. All of the Subordinate Voting Shares issued in connection with the initial closing are subject to a four-month and one day statutory hold period. The Company expects to use the proceeds from the initial closing to accelerate operational objectives and pursue strategic growth opportunities. The Company paid finder’s fees in the amount of $10,500 in connection with the closing of the initial tranche of the Private Placement.

The Subordinate Voting Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referenced in this press release, in any jurisdiction in which such offer, solicitation or sale would be unlawful.