Score Media & Gaming (TSX: SCR) has completed its previously announced bought deal private placement. The financing, which saw Canaccord Genuity and Eight Capital act as lead underwriters, saw the company raise gross proceeds of $40.0 million.
The financing saw a total of 28.6 million Class A subordinate voting shares of the company sold at a price of $1.40 per share. Underwriters have been granted an option to purchase an additional 4.3 million shares of the company for a period of 30 days following the close of the transaction.
Proceeds from the financing are to be used for working capital and other corporate purposes. The company did suggest funds will be used as well for the “continued growth and expansion of theScore Bet’s operations” in both the US and Canada by moving into new jurisdictions in which it doesn’t currently operate, as well as by focusing on user retention and acquisition within its current markets.
The Score Media and Gaming last traded at $1.33 on the TSX.
Information for this commentary and analysis was found via Sedar and theScore. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
