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Mobile Streams Raises $1.58M, Partners With Gfinity For Esports

Mobile Streams PLC has raised $1.58 million in placing and unveiled a partnership with esports group Gfinity PLC. The mobile content specialist has issued 400 million new shares at 40 cents each and has seen its shares in the market drop 19.62% to just above this placing price at 42 cents.

The funds will be used to support its future growth. This includes a plan to create a joint venture with Gfinity for Mobilegaming.com, the site for its gaming and esports offerings. As part of this, it will subscribe for $330,000 in Gfinity’s own $3.5 million fundraising effort.

“The funds raised in this placing will enable us to take advantage of significant revenue-generating opportunities and help us grow the business at a faster rate,” said Mark Epstein, Chief Executive of Mobile Streams. “We are now extremely well-funded, and the business is in the strongest position it has been in for years.”

(All information was provided by Proactive Investors)

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