Millennial Esports, the company behind Las Vegas’ first dedicated esports arena has announced that it has secured $2 million in investment.
The company has revealed that it has raised the $2 million (£1.61 million) through non-brokered private placement of shares at a price of $0.15 (£0.12) per “unit”. The total amount of units allocated is 13,333,333. Each unit is defined as one common share of the company, and half of a common share purchase warrant. Each whole warrant entitles the holder to acquire one additional share of Millennial, two years from the date of issuance at a price of $0.20 (£0.16).
Millennial Esports is best known for “thE Arena”, Las Vegas’ first permanent esports arena and studio. It’s a 15,000 square foot facility located on Fremont Street at the Neonopolis in Downtown Las Vegas. It recently played host to an EA Challenger sanctioned Madden 17 event and opened with the NA Halo World Championship qualifier at the beginning of March.
In addition, Millennial provides a broad spectrum of turnkey solutions that cover gaming technology, event management and production and broadcasting to give publishers, brands and partners exposure to the much coveted millennial demographic.
The aforementioned non-brokered private placement was arranged on March 20th and has just concluded. As per Reuters figures, the company’s shares are currently valued at 0.16 CAD (£0.10), having hit a 52-week high of 0.36 CAD (£0.22) and a low of 0.10 CAD (£0.06). The market capitalisation stands at $13.64 million with 85.26 million shares outstanding.
The additional investment secured is great news for Millennial who have already made bold moves into the esports space. As Downtown Vegas continues its regeneration, esports could yet play a big part and with further investment secured, Millennial look well placed to take advantage.
Esports offers a feasible entertainment alternative for younger visitors who have no intent on playing slot machines or gambling in the numerous casinos. With thE Arena offering tournaments with small buy-ins as well as high quality action for spectators, it offers something very different.
Esports Insider says: Great news for Alex Igelman and co over at Millennial. We look forward to seeing what they have planned next as the Vegas revolution starts to gather pace.