Toronto Stock Exchange Venture Exchange (TSXV) listed Engine Media Holdings (formerly Torque Esports and Millennial Esports) announced that it has closed a $15M USD private placement of 2M units at a price of $7.50 per unit. The company’s executive chairman Tom Rogers, CEO Lou Schwartz, and board member Hank Ratner, as well as Origin House founder Marc Lustig, were amongst the participants in the financing round. The capital raise brought Engine Media’s total capital raised to date to approximately $33M.
According to the placement’s conditions, each unit sold consists of one common share of Engine Media Holdings and one-half of one common share purchase warrant, which entitles the holder to acquire one additional share in Engine Media per warrant at the price of $15 per share during a three year period if Engine Media hits certain financial targets.
Engine Media owns several esports, gaming and news assets, including gaming video distribution analytics platform Stream Hatchet, racing game developer Eden Games, and esports tournament platform UMG. The group’s CEO Schwartz revealed in a release that the new capital will be used to invest into the company’s subsidiaries and capitalize on “numerous growth opportunities in front of us.”
Furthermore, Engine Media Holdings announced that Lawrence Rutkowski who was appointed to the company’s board of directors in January and is a member of its audit committee will become the chairman of that committee. Rutkowski replaced Steve Zenz who resigned from the company’s board of directors on Feb. 26.
Source: Read Full Article