''Animoca Brands receives approx A$3.6 million (US$2.5m) in cash and cryptocurrency via
the issue, by its wholly owned subsidiary TSB Gaming Ltd., of SAFE convertible securities
and SAND utility tokens to fund development of the upcoming blockchain version of The
Sandbox''
''TSB Gaming currently has 1,200 ordinary shares outstanding, all of which are owned by
Pixowl. Pixowl is currently in the process of transferring the Sandbox IP to TSB Gaming, in
return for which TSB Gaming will issue 10 million newly issued shares to Pixowl. After this
process is completed (which is expected to occur by 30 June 2019), TSB Gaming will have
10,001,200 ordinary shares outstanding, all of which will be owned by Pixowl.''
''In addition to the 333,333,333 SAND, the Investors have been issued a SAFE (simple
agreement for future equity). The SAFE provides for a valuation cap for TSB Gaming equal to
US$10 million (A$14.4 million) pre-money. If TSB Gaming stock is issued to the Investors
under the SAFE, it will be standard preferred stock.'
https://hotcopper.com.au/threads/ann-subsidiary-the-sandbox-receives-3-6m-investment.4776952/?post_id=38704348
