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- SportsHero (SHO) has received binding commitments to raise $2.8 million through a “heavily oversubscribed” placement to institutional investors
- The company has agreed to issue 80 million shares at an issue price of 3.5 cents
- Lead Manager, Novus Capital, will receive a placement fee equal to 6 per cent of the amount raised
- The funding will accelerate the global rollout of its eSportsHero prediction platform and strengthen target markets
- SportsHero shares are down 2.6 per cent, trading at 3.7 cents at 2:25 pm AEDT
SportsHero (SHO) has received binding commitments to raise $2.8 million through a “heavily oversubscribed” placement to institutional investors.
The company has appointed Novus Capital as lead manager, and will issue 80 million shares to new and existing investors at 3.5 cents each.
Additionally, SportsHero will issue 40 million options, exercisable at 5 cents each and expiring on December 16, 2022.
As consideration, Novus will receive a fee equal to 6 per cent of the amount raised, along with 6 million options.
The funding will allow SportsHero to accelerate the global rollout of its eSportsHero prediction platform, as well as the development of product features to support multiple revenue streams.
SportsHero CEO Tom Lapping said the initial target markets are Australia, Asia Pacific and China, given the strength of gaming and e-sports in these regions.
“Securing this funding enables the company to fast track our go-to market strategy for the highly adaptive and scalable white labelled esports prediction tournament platform for Australia, Asia Pacific and China,” Mr Lapping said.
SportsHero shares are down 2.6 per cent, trading at 3.7 cents each at 2:25 pm AEDT.
