Australian-based esports media and software company, Esports Mogul, has received binding commitments to raise $1.6 million in an oversubscribed placement. The company owns and operates the mogul.gg tournament platform, an advanced pure-play online esports tournament and match-making platform with automation for esports titles, including in platform chat functionality. It operates through two segments, Esports and Corporate. Mogul’s platform offers services to esports teams, tournament organizers, influencers, community groups, game publishers, and players of any skill level with a centralized esports offering built on a tournament and matchmaking platform.
Mogul will issue $320 million fully paid ordinary shares to sophisticated investors at 0.5 cents per share. This price represents a discount of 16.7 per cent from the 15-day volume-weighted average price of 0.6 cents. Subscribers in the placement will also receive one free attaching option for every two placement shares subscribed for and issued exercisable at 1 cent.
The company says post completion of the placement its balance sheet will be around $5.3 which it says will accelerate its buy and build a strategy in the gaming sector.
Mogul intends to focus on games companies with “strong teams, great IP, profitable and engaged audiences to ensure future scalability and continuous growth”.
(All information was provided by The Market Herald and Reuters)
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