- Gamelancer Media Corp. (GMNG) has closed the first tranche of its previously-announced non-brokered private placement
- The company issued 4,111 debenture units at a price of $1,000 per debenture unit for aggregate gross proceeds of $4,111,000
- Each debenture unit is made up of $1,000 principal amount of 12 per cent secured debentures of the company and 100 common share purchase warrants
- The company plans to use the net proceeds of the offering to make certain purchase price payments in connection with the previous acquisition of Gamelancer
- Gamelancer Media Corp. is a media and entertainment company producing short-form video content for brands
- Gamelancer Media Corp. opened trading at $0.14 per share
Gamelancer Media Corp. (GMNG) has closed the first tranche of its previously-announced non-brokered private placement.
The company issued 4,111 debenture units at a price of $1,000 per debenture unit for aggregate gross proceeds of $4,111,000.
Each debenture unit is made up of $1,000 principal amount of 12 per cent secured debentures of the company and 100 common share purchase warrants of the company.
Each warrant is exercisable into one common share of the company at an exercise price of $0.07 per warrant share for a period of 36 months from the closing of the offering.
The debentures will mature on the date that is 60 months from the closing of the offering and bear interest at an annual rate of 12.00 per cent from the closing of the offering, with the first 18 months of accrued interest payable on the maturity date.
The company plans to use the net proceeds of the offering to make certain purchase price payments connected with the previous acquisition of Gamelancer Inc. as well as for general working capital purposes.
“On behalf of management and my fellow Board of Directors, a big thank you to my business partner and our Chief Business Officer, Max Desmarais and the Chrétien-Desmarais family for leading this financing,” said Jon Dwyer, Chairman & CEO.
“Additionally, my thanks to Echelon Capital Markets for continuing to be such a great supporter of Gamelancer as we grow,” he added.
The company anticipates closing an additional tranche of the offering in late November 2022.
Gamelancer Media Corp., which Wondr Gaming acquired, is a media and entertainment company producing short-form video content for brands broadcast on its owned and operated TikTok, Instagram and Snapchat channels.
Gamelancer Media Corp. opened trading at $0.14 per share.