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Pioneer to Acquire NGMI Labs to Advance in Web3, NFT, NFT Gaming and Tokenized Community Sectors
Friday 26 November 2021

Canada-based e-sports and mobile games investment firm Pioneer Media Holdings Inc. has entered into a non-binding letter of intent with NGMI Labs Inc, a private British Columbia corporation, to acquire 100% of the issued and outstanding shares of NGMI, the firm said.

The proposed acquisition advances Pioneer's investments in "web3" and businesses in the NFT, NFT gaming and tokenized community sectors.

Under the acquisition, Pioneer will acquire 100% of the outstanding shares of NGMI for a total consideration of 4m common shares of Pioneer, to be distributed on a pro rata basis to the NGMI shareholders.

Pioneer, NGMI and the NGMI shareholders are at arm's length.

Completion of the acquisition is subject to standard conditions, including but not limited to the formalization of the acquisition under a share purchase agreement, and the prior receipt of all requisite regulatory approvals, including the approval of the Canadian Securities Exchange.

Pioneer will have a 45-day exclusivity period to conduct due diligence on NGMI. Concurrent with, and as a condition to, the completion of the acquisition, Matthew Shaw, founder of NGMI, will join the board of directors of Pioneer.

Tokens and decentralized technology provide powerful new building blocks that empower communities to capitalize, govern and grow in ways that have never before been possible.

DAO (Decentralized Autonomous Organization) tokens, and the emerging tools and platforms that support their operations, represent the most exciting sector of the web3 space, and NGMI has the access and talent to capitalize on the emerging trend.

NGMI was founded by Jess Sloss, Gregg Peacock and Matthew Shaw.

Each of these individuals will continue to provide their services and expertise to Pioneer and NGMI following completion of the acquisition, and Shaw will be appointed to Pioneer's board of directors.

Matt Shaw is active in the crypto and blockchain investment area having founded DeFi Yield Technologies (recently acquired by Dispersion Holdings), Protos Asset Management (a cryptocurrency asset management firm) and Blimp Technologies (dba Blimp Homes), a proptech company incorporating a crypto rewards ecosystem. Shaw is also a director of Argo Blockchain plc, listed on both the London Stock Exchange and NASDAQ.

Sloss has extensive experience in web 3 projects, both as an angel investor and as the host of the popular "Seed Club" podcast focusing on web3 and DAO ecosystems, as well as be a featured speaker on similar podcasts. Sloss is also the co-creator of Seed Club, an incubator for tokenized communities that has completed three cohorts.

Peacock co-founded SquiggleDAO in early 2021 with the vision of building a large, web3 community-owned collection of NFT art.

Today, SquiggleDAO boasts 600 members collectively managing a USD 25m of tier 1 NFT art.

Completion of the acquisition is subject to numerous conditions as described above. There is no assurance or guarantee that the acquisition will be completed as described or at all.

Pioneer is an investment issuer that actively invests in and acquires a portfolio of early-stage to mid-level companies in web3 including NFTs, NFT gaming and Tokenized Communities together with investments in Esports and mobile gaming.
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Date Published: 26/11/2021

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