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FansUnite Entertainment closes its upsized and oversubscribed $13.4 million private placement

Published: 13:59 11 Jan 2021 EST

FansUnite Entertainment Inc -
FansUnite believes the global gambling market is seeing a resurgence in demand from investors

FansUnite Entertainment Inc (CSE:FANS) (OTCQB:FUNFF) reported that it has completed its previously-announced upsized and oversubscribed private placement, which it attributed to strong investor demand, receiving total gross proceeds of $13,388,120.

FansUnite noted that the net proceeds raised under the offering will be used for working capital and general corporate purposes.

“The successful closing of this upsized financing provides further validation that the global gambling market is seeing a resurgence in demand from investors,” said FansUnite CEO Scott Burton in a statement.  

READ: FansUnite Entertainment is poised to become a global leader in the iGaming industry 

He added: “Despite the headwinds caused by the global pandemic in 2020, we saw consumers adopt and embrace online betting for its ease of access and simplicity. With our seasoned team of gaming operators, global B2C brands, and our industry adopted B2B technology platform, we were able to execute on multiple milestones that delivered value to our customers and shareholders.”

“As we now look to advance our operations globally, we believe this additional capital will allow us to explore strategic initiatives and execute on our vision of becoming a globally recognized iGaming leader.”

The offering, which was conducted by Gravitas Securities Inc as lead agent and sole bookrunner, consisted of a brokered portion and a non-brokered portion for total gross proceeds of $12,611,250 and $776,870, respectively.  

A total of 21,420,992 special warrants were also sold at a price of $0.625 per warrant. Each special warrant entitles the holder thereof to receive one unit of the company, with each unit being comprised of one common share of the company and one half of one transferable common share purchase warrant.

Each warrant will entitle the holder to acquire one common share at an exercise price of $0.78 per warrant share for a period of 24 months following the closing of the offering.  

FansUnite added that as consideration for its services in connection with the brokered private placement it paid a cash commission equal to $931,350 and issued a total of 1,490,160 non-transferable agent warrants to the agents.

FansUnite is a sports and entertainment company, focused on its technology related to online sports betting and related products. It also provides technological solutions and services in the global gaming and entertainment industries.

Contact Sean at sean@proactiveinvestors.com

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