TORONTO, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Rivalry Corp. (the " Company " or " Rivalry ") (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for digital-first players, is pleased to announce that it has closed the initial tranche of a non-brokered private placement of 12,930,707 units of the Company (the " Units "), at a price of $0.15 per Unit, for aggregate gross proceeds of approximately $1.94 million (the " Offering "). The Company may complete one or more additional closings, for aggregate gross proceeds (together with the proceeds raised under the initial closing) of up to approximately USD$3 million. Unless otherwise noted, all dollar figures are quoted in Canadian dollars. “This initial tranche of our non-brokered private placement was primarily subscribed to by insiders, family and friends, and long-term shareholders,” said Steven Salz, Co-Founder and CEO of Rivalry. “This commitment and demonstration of support is deeply gratifying as we press ahead into a new chapter for the Company.” Each Unit is comprised of one (1) subordinate voting share in the capital of the Company (each, a " Subordinate Voting Share ") and one-half of one (1/2) Subordinate Voting Share purchase warrant (each whole warrant, a " Warrant "). Each Warrant is exercisable into one Subordinate Voting Share in the capital of the Company (each, a " Warrant Share ") at a price of $0.25 per Warrant Share for a period of 12 months from the date hereof, subject to the Company's right to accelerate the expiry date of the Warrants upon 30 days' notice in the event that the closing price of the Subordinate Voting Shares is equal to or exceeds $0.50 on the TSX Venture Exchange (or such other recognized Canadian stock exchange as the Subordinate Voting Shares are primarily traded on) for a period of 10 consecutive trading days. The Company intends to use the proceeds from the Offering for corporate development and general working capital purposes. The Subordinate Voting Shares and Warrants, and any securities issuable upon exercise thereof, are subject to a four-month statutory hold period, in accordance with applicable securities legislation. The Company has paid an aggregate of $14,953.74 in finder's fees in connection with the closing of the first tranche of the Offering. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act "), or any applicable state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirements is available. 1,333,300 Units were issued to Steven Isenberg, a director of the Company and a "related party" (within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101 ")) and such issuance is considered a "related party transaction" for the purposes of MI 61-101. Such related party transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities being issued to the related parties nor the consideration being paid by the related parties exceeded 25% of the Company’s market capitalization. The purchasers of the Units and the extent of such participation were not finalized until shortly prior to the completion of the Offering. Accordingly, it was not possible to publicly disclose details of the nature and extent of related party participation in the transactions contemplated hereby pursuant to a material change report filed at least 21 days prior to the completion of such transactions. About Rivalry Rivalry Corp. wholly owns and operates Rivalry Limited , a leading sport betting and media company offering fully regulated online wagering on esports, traditional sports, and casino for the digital generation. Based in Toronto, Rivalry operates a global team in more than 20 countries and growing. Rivalry Limited has held an Isle of Man license since 2018, considered one of the premier online gambling jurisdictions, as well as an internet gaming registration in Ontario, and is currently in the process of obtaining additional country licenses. With world class creative execution and brand positioning in online culture, a native crypto token, and demonstrated market leadership among digital-first users Rivalry is shaping the future of online gambling for a generation born on the internet. Company Contact: Steven Salz, Co-founder & CEO ss@rivalry.com 416-565-4713 Investor Contact: investors@rivalry.com Media Contact: Cody Luongo, Head of Communications cody@rivalry.com 203-947-1936 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release. Cautionary Note Regarding Forward-Looking Information and Statements This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws ("forward-looking statements"). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "project" and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include regulatory or political change such as changes in applicable laws and regulations; the ability to obtain and maintain required licenses; the esports and sports betting industry being a heavily regulated industry; the complex and evolving regulatory environment for the online gaming and online gambling industry; the success of esports and other betting products are not guaranteed; changes in public perception of the esports and online gambling industry; failure to retain or add customers; the Company having a limited operating history; negative cash flow from operations; operational risks; cybersecurity risks; reliance on management; reliance on third parties and third-party networks; exchange rate risks; risks related to cryptocurrency transactions; risk of intellectual property infringement or invalid claims; the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and general economic, market and business conditions. For additional risks, please see the Company’s MD&A dated April 30, 2024 and other disclosure documents available on SEDAR+ at www.sedarplus.ca. No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Source: Rivalry Corp.

Trump offers support for dockworkers union by saying ports shouldn’t install more automated systems

China responded swiftly on Tuesday to new U.S. restrictions on semiconductor technology exports by imposing tighter controls on critical minerals used in chip manufacturing . The move targets gallium, germanium, and antimony — essential materials for advanced electronics and defense applications, The Wall Street Journal reports . What Happened : A day after the U.S. blacklisted 140 Chinese entities and restricted exports of memory chips vital to artificial intelligence, Beijing retaliated with export bans and reviews for U.S.-bound shipments of these minerals. The Chinese Ministry of Commerce justified the measures as necessary for national security. China also cautioned its businesses against purchasing American chips due to reliability and safety concerns. The restricted minerals are critical to the U.S. economy and defense supply chains, with Beijing accounting for a significant portion of imports between 2019 and 2022. For instance, the U.S. relied on China for 80% of its antimony needs during this period, WSJ reports. Also Read: Fed’s Kugler Sees Inflation Progress But Warns: ‘Policy Is Not On A Preset Course’ The new U.S. export controls, which took effect Monday , primarily target Chinese firms such as Naura Technology Group , Huawei -linked companies and equipment manufacturers. These measures also extend restrictions to non-U.S. chip suppliers reliant on American technologies, sparking concern among global players like Taiwan Semiconductor Manufacturing Co. TSM . Why It Matters: The clash underscores the fragility of global supply chains and the geopolitical stakes tied to semiconductor dominance. With China tightening its grip on critical materials, the U.S. faces mounting pressure to diversify its supply sources. Experts warn these developments could reshape the global semiconductor landscape as companies and governments navigate new trade barriers. U.S. firms such as Nvidia Corp. NVDA , Lam Research Corp. LRCX , and KLA Corp. KLAC may feel the ripple effects alongside international players exempt from these restrictions, including Dutch firm ASM International ASML . ETFs such as the Invesco Semiconductors ETF PSI and the SPDR S&P Semiconductor ETF XSD could also feel the effects of these trade restrictions, given their exposure to impacted companies. Read Next: South Korea ETFs, Won Pare Losses As Yoon Makes U-Turn On Martial Law Declaration Photo by Fahroni via Shutterstock This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Fog advisory issued for London area, with snowsqualls on the wayBy JOSH BOAK WASHINGTON (AP) — President-elect Donald Trump on Thursday voiced his support for the dockworkers union before their contract expires next month at Eastern and Gulf Coast ports, saying that any further “automation” of the ports would harm workers. Related Articles National Politics | Will Kamala Harris run for California governor in 2026? The question is already swirling National Politics | Trump taps immigration hard-liner Kari Lake as head of Voice of America National Politics | Trump invites China’s Xi to his inauguration even as he threatens massive tariffs on Beijing National Politics | Pressure on a veteran and senator shows what’s next for those who oppose Trump National Politics | What Americans think about Hegseth, Gabbard and key Trump Cabinet picks AP-NORC poll The incoming president posted on social media that he met Harold Daggett, the president of the International Longshoreman’s Association, and Dennis Daggett, the union’s executive vice president. “I’ve studied automation, and know just about everything there is to know about it,” Trump posted. “The amount of money saved is nowhere near the distress, hurt, and harm it causes for American Workers, in this case, our Longshoremen. Foreign companies have made a fortune in the U.S. by giving them access to our markets. They shouldn’t be looking for every last penny knowing how many families are hurt.” The International Longshoremen’s Association has until Jan. 15 to negotiate a new contract with the U.S. Maritime Alliance, which represents ports and shipping companies. At the heart of the dispute is whether ports can install automated gates, cranes and container-moving trucks that could make it faster to unload and load ships. The union argues that automation would lead to fewer jobs, even though higher levels of productivity could do more to boost the salaries of remaining workers. The Maritime Alliance said in a statement that the contract goes beyond ports to “supporting American consumers and giving American businesses access to the global marketplace – from farmers, to manufacturers, to small businesses, and innovative start-ups looking for new markets to sell their products.” “To achieve this, we need modern technology that is proven to improve worker safety, boost port efficiency, increase port capacity, and strengthen our supply chains,” said the alliance, adding that it looks forward to working with Trump. In October, the union representing 45,000 dockworkers went on strike for three days, raising the risk that a prolonged shutdown could push up inflation by making it difficult to unload container ships and export American products overseas. The issue pits an incoming president who won November’s election on the promise of bringing down prices against commitments to support blue-collar workers along with the kinds of advanced technology that drew him support from Silicon Valley elite such as billionaire Elon Musk. Trump sought to portray the dispute as being between U.S. workers and foreign companies, but advanced ports are also key for staying globally competitive. China is opening a $1.3 billion port in Peru that could accommodate ships too large for the Panama Canal. There is a risk that shippers could move to other ports, which could also lead to job losses. Mexico is constructing a port that is highly automated, while Dubai, Singapore and Rotterdam already have more advanced ports. Instead, Trump said that ports and shipping companies should eschew “machinery, which is expensive, and which will constantly have to be replaced.” “For the great privilege of accessing our markets, these foreign companies should hire our incredible American Workers, instead of laying them off, and sending those profits back to foreign countries,” Trump posted. “It is time to put AMERICA FIRST!”

McALLEN, Texas (AP) — SpaceX is launching a new mission: making its Starbase site a new Texas city. Billionaire Elon Musk ‘s company on Thursday sent a letter to local officials requesting an election to turn what it calls Starbase — the South Texas site where SpaceX builds and launches its massive Starship rockets — into an incorporated city. Residents of the area known as Starbase submitted the petition, according to the company. The area is on the southern tip of Texas at Boca Chica Beach, near the Mexican border. Earlier this year, Musk announced he was moving the headquarters of SpaceX and his social media company X from California to Texas. “To continue growing the workforce necessary to rapidly develop and manufacture Starship, we need the ability to grow Starbase as a community. That is why we are requesting that Cameron County call an election to enable the incorporation of Starbase as the newest city in the Rio Grande Valley,” Kathryn Lueders, the general manager of Starbase, wrote in a letter to the county. It’s not the first time turning Starbase into its own city has been floated. Musk proposed the idea in 2021 when he wrote a social media post that simply said, “Creating the city of Starbase, Texas.” RELATED COVERAGE Texas Rangers and RHP Nathan Eovaldi finalize $75 million, 3-year contract FCS title game going back to Tennessee after 15th championship in a row in Frisco, Texas Heisman finalist Travis Hunter is AP Big 12 defensive player of year and 1st-team pick as receiver Cameron County Judge Eddie Treviño Jr., the county’s top elected official, said despite the talks of incorporation in 2021, this was the first time a petition was officially filed. “Our legal and elections administration will review the petition, see whether or not it complied with all of the statutory requirements and then we’ll go from there,” Treviño said on Thursday. More than 3,400 full-time SpaceX employees and contractors work at the Starbase site, according to a local impact study issued by Trevino earlier this year. SpaceX’s rapid expansion in the region has drawn pushback from some locals. Earlier this year, a group called Save RGV sued the company in July over allegations of environmental violations and dumping polluted water into the nearby bay. SpaceX said in response that a state review found no environmental risks and called the lawsuit “frivolous.”WINDHOEK, Namibia (AP) — Namibia elected its first female leader as Vice President Netumbo Nandi-Ndaitwah was declared the winner Tuesday of a presidential election last week that was tarnished by technical glitches that caused a three-day extension to allow votes to be cast, and rejected as illegal by opposition parties. The 72-year-old Nandi-Ndaitwah won with 57% of the vote, defying predictions that she might be forced into a runoff. Her ruling SWAPO party also retained its parliamentary majority, although by a very thin margin, and extended its 34-year hold on power since the southern African country gained independence from apartheid South Africa in 1990. Namibia, a sparsely populated country of around 3 million on the southwestern coast of Africa, has a reputation for being one of the continent's more stable democracies and the problems around the election have caused consternation. Last Wednesday's vote was marred by shortages of ballot papers and other problems that led election officials to extend voting until Saturday. Opposition parties have said the extension is unconstitutional, and some have pledged to join together in a legal appeal to have the election invalidated. The Electoral Commission of Namibia, which ran the election, rejected opposition calls for a redo of the vote. It has undermined Nandi-Ndaitwah's place in history. She is set to become her country's fifth president since independence and a rare female leader in Africa. She was a member of Namibia's underground independence movement in the 1970s and received part of her higher education in the then-Soviet Union. She was promoted to vice president in February after President Hage Geingob died while in office . Nangolo Mbumba, who became president after Geingob's death, didn't run in the election. The ruling SWAPO party won 51 seats in the parliamentary vote, only just passing the 49 it needed to keep its majority and narrowly avoiding becoming another long-ruling party to be rejected in southern Africa this year. It was SWAPO's worst parliamentary election result. A mood of change has swept across the region, with parties that led their countries out of white minority or colonial rule in neighboring South Africa and Botswana both losing their long-held political dominance. South Africa's African National Congress, which freed the country from the racist system of apartheid, lost its 30-year majority in an election in May and had to form a coalition. Botswana's ruling party was stunningly removed in a landslide in October after governing for 58 years since independence from Britain. Mozambique's long-ruling Frelimo has been accused of rigging an October election and has faced weeks of violent protests against its rule. SWAPO faced similar challenges as those countries, with frustration at high unemployment and economic hardship, especially among young people, driving a desire for era-ending change. In a brief speech after the results were announced late Tuesday night, Nandi-Ndaitwah said Namibians had voted for peace, stability and youth empowerment. “We are going to do what we promised you during the campaigns. Thank you for your confidence and trust in us," she said. Nandi-Ndaitwah was also due to address the nation on Wednesday morning. “SWAPO Wins. Netumbo Wins. Namibia Wins. Now Hard Work,” the ruling party posted on its official account on social media site X. Some opposition parties boycotted the announcement by the Electoral Commission of Namibia at its results center in the capital, Windhoek. The commission has been roundly criticized for its running of the vote, with many angry Namibians complaining they had to wait hours and sometimes over multiple days for the chance to vote. Just over 1 million votes were cast out of 1.4 million registered voters, according to the electoral commission. Panduleni Itula, the leading opposition candidate from the Independent Patriots for Change party, was second in the presidential election with 25% of the vote. His party won the second-largest number of seats in Parliament behind SWAPO. Itula and his party have led the criticism of the vote and said they will lodge their appeal against the election this week. Other opposition parties said they will join that legal challenge. Itula has said that thousands of voters may have been prevented from voting as only some polling stations allowed an extension. "This election has violated the very tenets of our Electoral Act. Namibians deserve the right to choose their leaders freely and fairly, not through a rigged process,” he said. Namibia is a former German colony that came under South African control after World War I and its Black majority was later subjected to some of South Africa’s apartheid policies. SWAPO was at the forefront of the battle for independence from South Africa. While the country has swaths of desert running through it, it has diamond and uranium resources and untapped oil and gas off its coast that is being explored by international companies and could make it a major producer of both. AP Africa news: https://apnews.com/hub/africa