Gfinity Confirms Potential Further Placing To Raise GBP6.7 Million (ALLISS)

27th Mar 2018 18:08

LONDON (Alliance News) - Gfinity PLC on Tuesday confirmed it is planning to place new shares to raise funds, though emphasised it is unclear if it will go ahead.

The e-sports entertainment company is working on completing a placing of new shares at 12.00 pence to raise around GBP6.7 million. Shares in Gfinity closed down 19.8% at 12.12p on Tuesday.

There is no certainty the fundraising will be concluded nor can the timing or terms be confirmed.

Gfinity purchased RealSport two weeks ago for GBP2.4 million, paid for by Gfinity issuing 12.3 million shares at 19.317p each.

Earlier in the month, Gfinity announced it agreed to give US social media giant Facebook Inc the exclusive global streaming rights for the Gfinity Elite Series, its e-sports tournament.

The digital broadcast agreement will start immediately with the Gfinity Elite Series Season Three in the UK and run through to the end of 2018. The agreement extends to new territories which are part of Gfinity's global expansion plans, but exclude Australia.

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