- Enthusiast Gaming has increased its existing term credit facility from $10 million to $20 million
- The company now has access to up to $15 million of incremental non-dilutive capital
- Enthusiast Gaming is an integrated entertainment company focused on video games and esports
- Enthusiast Gaming (EGLX) opened trading at C$1.60
Enthusiast Gaming (EGLX) has increased its existing term credit facility from $10 million to $20 million.
Together with the company’s $5 million operating facility, the amendment provides Enthusiast Gaming with access to up to $15 million of incremental non-dilutive capital, which the company intends to use for working capital and general corporate purposes.
Adrian Montgomery, Chief Executive Officer of Enthusiast Gaming, commented on the expanded facility.
“We are very pleased with the terms of the amended facility, which provides us with increased financial flexibility through the use of non-dilutive capital and demonstrates a high level of confidence in our business plan and path to profitability from a first-rate lender. The additional capital provided by this amendment puts us in a strong cash position. It provides ample liquidity to secure the company’s continued success by enhancing our ability to execute on our flywheel business model. In particular, our ability to use the additional capital to continue to take advantage of exciting new opportunities as they arise, such as our recently announced, first-of-its-kind gaming collaboration with the NFL to launch NFL Tuesday Night Gaming, will allow us to continue to grow our brand and expand our global partnerships in unique and engaging ways.”
Enthusiast Gaming is an integrated entertainment company focused on video games and esports.
Enthusiast Gaming (EGLX) opened trading at C$1.60.