FansUnite has closed its non-brokered private placement, which was previously announced, raising $3.04m in total. An aggregate of 37.97m units were issued at an issue price of $0.08 per unit. As per the announcement made on Mar. 6, the Vancouver-based gaming firm secured a $2m non-brokered private placement of units of the company. It was agreed to sell 13.75m units of the financing to Tekkorp Capital, which advises and invests in both public and private companies within the global gaming industry. On Mar. 8, FansUnite revealed that due to “strong investor demand,” the private placement was upsized to $3m. Now, the final amount has been confirmed as $3.04m.
CEO of FansUnite, Scott Burton, expressed his pleasure on the successful closing of the financing, adding that the additional capital would allow them to invest in areas of the business where they were seeing impactful revenue growth while executing their strategy to reach profitability in the near future. The insiders, management, and employees of FansUnite also acquired 4.3m units, which resulted in a total of $1.4m invested into FansUnite by both Tekkorp and FansUnite’s insiders and management.
It was noted that each unit of the financing included one common share in the capital of the company and one common share purchase warrant of the company. Each warrant allowed the holder to purchase one common share at a price of $0.12 per warrant share for a period of 36 months after the closing date of the offering. It is expected that the net proceeds from the offering, which are subject to the final acceptance of the Toronto Stock Exchange, will be used for general corporate working capital purposes.
March 2023 is quite a ,onth for FansUnite, despite the fact that company completes $3.04m private placement it was also Shortlisted for Six 2023 EGR North America Awards. FansUnite Entertainment Inc. has been selected as a finalist for six categories. These awards aim to recognize and applaud the contributions of top online gaming companies in North America.
The EGR North America Awards celebrate and acknowledge the most outstanding online gaming companies in North America, making this achievement a significant milestone for FansUnite.