Frankly intends to conduct a non-brokered private placement offering for aggregate gross proceeds of a minimum of C$2.5 million.
Frankly (TSXV:TLK,OTCQX:FRNKF) will conduct a non-brokered private placement offering with each unit comprised of C$1,000 aggregate principal amount of unsecured subordinated convertible debentures and one‑half of one common share purchase warrant for aggregate gross proceeds of a minimum of C$2.5 million.
As quoted in the press release:
Frankly intends to use the proceeds from the Offering (net of any professional service fees and finder’s fees, if any) to provide a loan to Torque Esports Corp. (“Torque”) or a subsidiary thereof (the “Torque Loan”). Frankly may pay a finder’s fee to arm’s length finders in connection with the Offering of no more than 6% of the aggregate subscription amount raised through subscribers introduced to Frankly by such finder(s), provided that no finder’s fees will be paid in respect of any subscriptions made by existing shareholders of Frankly, or to any insider of Frankly, or that is otherwise prohibited by law.