Tiidal Gaming Group Corp (CSE:TIDL) said it has completed the third tranche of its previously announced non-brokered private placement offering of units of the company consisting of 2,961,907 units at a price of 10 cents per unit for aggregate gross proceeds of $296,190.70.
This brings the total size of the offering to 9,912,508 units for aggregate gross proceeds of $991,250.80.
Each unit consists of one common share in the capital of the company and one common share purchase warrant, exercisable at 15 cents per share for a period of 36 months from the date of issuance.
The company said it will use the net proceeds of the offering for Sportsflare operations in sales, trading and development, and general corporate and working capital purposes.
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Subscriptions by certain parties which are related parties of the issuer accounted for $233,230.70 of the gross proceeds of the offering.
All of the securities issuable in connection with the offering are subject to a hold period expiring four months and one day after the date of issuance in accordance with Canadian securities laws. The offering is subject to the final approval of the Canadian Securities Exchange and to all regulatory approvals.
Further to its press release dated August 23, 2022, the company also announces that Tiidal Gaming has ceased operating the Lazarus e-sports team (the ancillary operations) and that Charlie Watson is no longer the chief gaming officer of the company. Following the discontinuation of the ancillary operations, the sole operating asset within the company is Tiidal Gaming NZ Ltd. doing business as Sportsflare.
Tiidal Gaming is a leading media and technology platform enabling next-generation engagement in e-sports and gaming. The company is positioned at the intersection of gaming, media and betting, and enable its partners to create positive, engaging, and immersive fan and consumer experiences through the company's industry-leading media and technology offerings.
With deep industry roots and expertise, Tiidal Gaming is focused on the next generation of fan and consumer and building the future of game-based entertainment.
Contact the author at jon.hopkins@proactiveinvestors.com