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Esports Entertainment Group Inc Announces Successful Completion Of Public Offering Of Common Stock And Warrants

Esports Entertainment Group (EEG) announced the completion of its public offering of common stock and warrants, raising proceeds of $13.6 million net of underwriting discounts, commissions, and estimated offering expenses. EEG sold 15 million shares of common stock for a combined effective offering price of $1.00 per share of common stock and expire five years from the date of issuance. Said stock and the accompanying common warrants were issued separately and are immediately separable. 

“The proceeds from this important offering allow us to build our working capital reserves and enable the Company to repay a portion of its outstanding debt,” said Grant Johnson, CEO of Esports Entertainment Group. “Collectively, this will provide our company with a far firmer foundation which will allow us to take advantage of the growth potential provided by our newest esports products as well as our European-based iGaming and online sports betting businesses. In particular, we remain extremely bullish about the growing interest in our OMEGA solution and believe the debut of our LANDuel platform later this month will have a material impact on our financial performance in the coming quarters.”

Maxim Group LLC and Joseph Gunnar & Co., LLC acted as book-running managers for the offering.

(All information was provided by Yahoo!)

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