4th Jul 2016 09:59
LONDON (Alliance News) - Gfinity PLC on Monday said it has raised GBP3.7 million through a share placing to back its expansion plans.
Gfinity has placed 74.0 million shares at 5.00 pence each. Shares in Gfinity were trading up 19% at 9.19 pence on Monday.
The eSports company said the placing was supported by existing shareholders Euroblue Investments Ltd, Hargreave Hale Ltd and MD Barnard, and new investor Charles Street International Holdings Ltd.
The proceeds will be used for sales and marketing expenditure, to develop the GTV media player and tournament builder application, to develop Gfinity's events series and for general working capital.
"The fundraise has been supported by existing and new investors and gives us the capital we need to commercially leverage our strong position within the eSports industry and accelerate our growth. I am delighted to have the support of Charles Street International as a new investor, who we believe will make a very positive impact on the company's future prospects," Chief Executive Neville Upton said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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