Staminier's stake in NARC Limited is a reflection of its excitement surrounding "Beyond Ever After", NARC's cutting-edge MMO game under development.
NARC's experienced management team and Board of Directors includes a key cofounder of Eve Online - the popular MMO game which previously sold for $428m in September 2018, and includes the former head of Sony PlayStation Europe Chris Deering.
TORONTO, ON / ACCESSWIRE / May 3, 2022 / GreenBank Capital Inc. (CSE:GBC)(OTC PINK:GRNBF)(FRA:2TL) ("GreenBank" or "the Company") reports that its 19% owned portfolio company Staminier Limited ("Staminier"), has agreed to purchase potentially up to 21% of NARC Limited ("NARC"). NARC is the developer of "Beyond Ever After", a next-generation Massive Multiplayer Online (MMO) game designed for the metaverse.
NARC was founded by one of the key architects of Eve Online ("Eve"), the MMO which sold for $425 million in September 2018. Beyond Ever After has been under development for several years as an innovative next-generation MMO game. The game involves customizable character types utilizing real money trading in what amounts to a "mixed reality" model, where real money can be earned and spent in-game. The game is in production phase and is being designed to run on several devices and operating systems to facilitate maximum adoption and ease of use.
The current model calls for Beyond Ever After to be free to play and perpetual in nature, with new in-game content to be added seamlessly and periodically in real time. The game expects to generate revenue principally from transactions that its users elect to make within the game.
Terms of the transaction
Staminier, through its subsidiary Substantia, has agreed to invest an initial £525,000 at 75 Euros per NARC share ("the Initial Investment") for an initial 2.6% stake of NARC's fully diluted share capital. Staminier reported to GreenBank that at the time of this news release, £375,000 of these funds have already been paid to NARC, with a remaining £150,000 still to come in the initial investment.
Staminier also has an option to invest a further £4,941,779 ("the Secondary Investment") at valuations up to 120 Euros per NARC share. Were Staminier to independently choose to fund both the Initial Investment and the Secondary investment, Substantia would own 21% of the fully diluted capital of NARC. Substantia has until the beginning of July 2022 to inform NARC whether it wishes to exercise its option to make the Secondary Investment which would payable by 31st January 2023.
Funding being provided by Staminier, through its wholly owned subsidiary Substantia, will enable NARC to continue the development of its ground-breaking MMO game Beyond Ever After, which is currently in production phase, following over ten years of planning, exploration, foundation, and pre-production.
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SOURCE: GreenBank Capital Inc.