- FansUnite (FANS) has announced a non-brokered private placement of units for gross proceeds of $2,000,000
- Investment firm Tekkorp Capital has agreed to acquire 13,750,000 units
- The first tranche of the offering is expected to close on or about March 9, 2023
- FansUnite is a sports and entertainment company focused on technology related to online gaming
- FansUnite Entertainment Inc. (FANS) opened trading at C$0.09
FansUnite (FANS) has announced a non-brokered private placement of units for gross proceeds of $2,000,000.
Tekkorp Capital, an investment firm that invests in public and private companies within the global digital gaming industry, has agreed to acquire 13,750,000 units of the financing.
“We are active investors in the sports and gaming industry and look for great businesses with strong leadership in market segments we like,” said Matt Davey, Founder & Chairman of Tekkorp Capital. “Scott and his team at FansUnite tick all the boxes for us, and we are happy to support in their journey to grow the company and shareholder value for all investors.”
Scott Burton, CEO of FansUnite, commented on the news.
“This private placement offers us an opportunity to work with a strategic investor group consisting of top executives who have helped build and grow some of the largest gaming companies globally. They have expressed a strong interest to support our strategy in achieving our profitability and growth targets. To date, we have made great strides in maximizing cost efficiencies while executing initiatives to improve our top and bottom line.”
Each unit, priced at C$0.08, will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of $0.12 for a period of three years after the closing date of the offering.
Net proceeds will be used for general corporate working capital purposes.
The first tranche of the offering is expected to close on or about March 9, 2023, and subsequent tranche(s) as may be agreed by the company and the subscribers. Closing of the offering is subject to receipt of all regulatory approvals.
About FansUnite Entertainment Inc.
FansUnite is a sports and entertainment company focusing on technology related to regulated and lawful online gaming. FansUnite’s iGaming platform, Chameleon, offers operators a full suite of gaming solutions with a sports and esports focus geared for the next generation of online bettors and casino players.
FansUnite Entertainment Inc. (FANS) opened trading at C$0.09.
