Esports Entertainment Group, Inc, a licensed online gambling company has announced the closing, on October 18, 2018 of a private placement of Notes, which resulted in gross proceeds of $2.2 million before deducting placement agents fees and estimated offering expenses.
In additional news, the company has swiftly moved to appoint a Chief Financial Officer, with Christopher Malone (CPA/CMA) taking the reigns. Malone is the founding Director of PrOasis, a consulting firm for which he has spent 26 years managing the firm. He has over 35 years of senior financial and information technology systems experience and has held high-level executive positions in several companies.
Grant Johnson, CEO of Esports Entertainment Group commented on the capital raise: “This is a major milestone for our company. After announcing our engagement of Joseph Gunnar & CO and Dinosaur Financial Group as our exclusive investment bankers in July, we now have our first successful financing and I want to thank them for this great vote of confidence. This financing will allow us to significantly accelerate our growth plans, which have already seen us sign affiliate agreements with 176 esports teams in the last several months, and will see us embark on a campaign to further partner with influential esports groups. Our shareholders should be very excited about this and have much to look forward to in the coming weeks and months.”
In addition, Johnson said, with relation to the hire of Malone: “We are very pleased with the addition of Chris to our senior management team. His experience at the highest levels of finance and information technology organizations, with stringent reporting requirements to regulators on both sides of the border, will be invaluable now that our Company has secured financing and embarks on aggressive growth plans within the global esports industry.”
Esports Insider says: Congratulations to Esports Entertainment Group & Grant on securing funding and the hire of a new CFO. We’re looking forward to seeing how they use the capital raised to crack on with future plans.