VGambling/Esports Entertainment Group (OTCQB: GMBL) has announced the closing of a previously announced financing for proceeds of $1.2 million.
As quoted in the press release:
On February 6, 2017, the Company announced it had secured a financing commitment of $850,000 through Denver, Colorado based First Capital Ventures (“First Capital”). Upon closing, First Capital proceeds totalled $600,000, while high net worth accredited investors contributed the remaining proceeds.
This financing represents a seminal event in the future of both the Company and the esports industry. Proceeds of the financing will be used to launch our online Esports gambling platform in June which, upon launch, will be fully licensed and the highest regulated esports gambling site on the planet. Based on feedback received to date from industry professionals and Sport Betting Super Affiliates, the Company has good reason to believe its safe and secure esports gambling platform will provide a strong competitive advantage.
In addition to launch of our platform, proceeds from this financing will also be used to execute our business development strategy for the remainder of the year, including exhibiting at the world’s biggest esports conferences in the coming months.
Gary Graham, President & CEO of First Capital, stated, “Esports Entertainment Group is currently the only North American pure public vehicle for participating in the global esports phenomenon. We believe the company represents both an optimal esports entry point and a clear path to investor liquidity. We look forward to working with the Company on subsequent financings.”