- Gamelancer Media Corp. (GMNG) has closed the final tranche of a non-brokered private placement for gross proceeds of $439,000
- The company issued 439 debenture units priced at $1,000 per unit
- The debentures will mature 60 months from the closing of the offering and pay 12 per cent interest per annum
- Gamelancer Media Corp. is a media & entertainment company producing and broadcasting short-form video content on its 27 owned & operated social media channels
- Gamelancer Media Corp. (GMNG) opened trading at C$0.11
Gamelancer Media Corp. (GMNG) has closed the final tranche of its non-brokered private placement for gross proceeds of $439,000.
Under the previously announced offering, the company issued 439 debenture units priced at $1,000 per unit. Each debenture unit consists of a $1,000 principal amount of 12 per cent secured debentures and 100 common share purchase warrants.
Each warrant is exercisable into one common share for $0.07 per warrant share for a period of 36 months from the closing of the offering.
The debentures will mature 60 months from the closing of the offering and bear interest at a rate of 12 per cent per annum. The debentures are subject to redemption, in whole or in part, at the option of the company at any time after the first anniversary of the closing of the offering at a price equal to the then outstanding principal amount of the debentures plus all accrued and unpaid interest up to and including the redemption date.
The net proceeds will be used for general working capital purposes.
Jon Dwyer, Chairman & CEO of Gamelancer Media, commented on the capital raise.
“The company has now made its second last payment of US$2,500,000 for the acquisition of Gamelancer, Inc., with one payment of US$2,500,000 remaining, due on April 14, 2023. Being able to close this round of non-dilutive financing given the current market climate is a testament to the strength of our shareholders and their confidence in the future of the company. The company did not wish to take on additional debt at this time. It will revisit financing options in 2023 should it be required to make the second payment.”
The company paid finder’s fees consisting of $95,550 in cash and 745,707 broker warrants.
All securities issued are subject to a statutory four-month hold period.
Gamelancer Media Corp. is a media & entertainment company producing short-form video content for Gen Z & Millennial audiences, broadcast on its 27 owned & operated social media channels.
Gamelancer Media Corp. (GMNG) opened trading at C$0.11.
