Entertainment player Vividthree will subscribe for S$4.08 million in convertible loan notes to be issued by GammaR in tranches, with the option to convert the notes into a controlling stake at any time over a three-year period, the Singapore-listed company said in a filing to SGX.
The loan, which will carry a 3.5 percent per annum rate for three years, will be funded by Vividthree’s internal resources, and if necessary, an additional fund-raising exercise, the filing said.
GammaR plans to provide small game developers a platform for developing and monetising their ideas by riding on the popularity of digital assets, non-fungible tokens (NFTs) and the metaverse, which is generally seen as a virtual reality world.
Vividthree said it is looking for ways to expand in the gaming sector to increase its revenue streams, by using its content production, intellectual property (IP) management expertise and its ability to scale concepts via MICE — or meeting, incentive, convention and exhibition.
Charles Yeo, managing director of Vividthree, said: “We are pleased to announce our partnership with GammaR, which will provide us with a source of gaming IPs as well as opportunities to leverage the rising popularity of NFT blockchain games. Through this investment, Vividthree is well-placed to capitalise on the rapid growth of the global gaming industry in general, and surging interest in NFT and blockchain games in particular.”
Vividthree, a subsidiary of Singapore-listed mm2 Asia, has previously developed the Train to Busan VR Tour show and has the rights to develop a VR tour show for Peninsula, the sequel to Train to Busan, and has acquired the IP rights to popular web comic Silent Horror.