FansUnite Entertainment Inc (TSX:FANS, OTCQX:FUNFF) has introduced a non-brokered personal placement of its items at $0.08 every for combination gross proceeds of $2 million.

Under the providing, the corporate mentioned Tekkorp Capital, an funding agency that advises and invests in progressive private and non-private firms inside the international digital gaming trade, has agreed to accumulate 13,750,000 items.

“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,” FansUnite CEO Scott Burton mentioned in an announcement. “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,” he added.

READ: FansUnite Entertainment submits application to become a legal sports betting and iGaming supplier in Virginia

Tekkcorp Capital founder and chairman Matt Davey commented: ”We are energetic traders within the sports activities and gaming trade and search for nice companies with robust management in market segments we like. Scott and his group at FansUnite tick all of the containers for us and we’re joyful to help of their journey to develop the corporate and shareholder worth for all traders.”

FansUnite mentioned every unit within the personal placement will consist of 1 frequent share and one frequent share buy warrant, with every warrant entitling the holder to buy one frequent share for $0.12 per warrant share for 36 months after the deadline of the providing. It may pay sure finders a payment in reference to the sale of items to purchasers launched to the corporate, it added.

The firm mentioned it expects to make use of the web proceeds from the providing for basic company working capital functions and could enhance the scale of the providing to the utmost quantity permitted by the Listed Issuer Financing Exemption within the context of the market.

The closing of the providing, which is topic to receipt of all regulatory approvals, could happen in a number of tranches, the primary of which is predicted to shut on or about March 9, 2023.

FansUnite is a worldwide sports activities and leisure firm, specializing in expertise associated to regulated and lawful on-line gaming. FansUnite’s one-of-a-kind iGaming platform Chameleon affords operators a full suite of gaming options with a sports activities and esports focus geared for the subsequent technology of on-line bettors and on line casino gamers.

Along with offering B2B expertise options, FansUnite operates a Scottish sportsbook, McBookie. FansUnite is the mother or father firm of North American-focused AmAff, which operates main affiliate manufacturers comparable to Betting Hero.

Contact the writer at stephen.gunnion@proactiveinvestors.com