Gamelancer Media Corp said it has closed its previously-announced brokered offerings, which involved issuing 100,038,500 company units, at a price of $0.10 per unit, for gross proceeds of $10,003,850.
The digital media, entertainment, and production firm noted that Gamelancer officers and directors subscribed for $1.97 million of the offerings, while President's list subscribers accounted for about 84% of the financing’s total gross proceeds.
“Concluding this financing is a crucial step in our process to up-list to the TSX,” Gamelancer Media CEO Jon Dwyer said in a statement.
“Our growing ecosystem of 54 channels now reaches over 40 million people, with active campaigns in the US, Australia, Canada and the UK on an ongoing basis,” he added.
Dwyer also stated that Gamelancer is poised for aggressive growth as digital advertising spend continues to increase in tandem with the ebbing of TV ad spend becoming increasingly apparent across the media landscape.
Each unit of the private placement consisted of one company common share plus one common share purchase warrant, with each warrant entitling the holder to purchase one Gamelancer share at a price of $0.15 per warrant share at any time on or before the date which is 36 months after the closing date of the offerings.
In connection with the offerings, the company paid the agents a cash commission of $186,069.50 and issued a total of 1,147,195 broker warrants to the agents.
In addition, the company said it paid certain eligible persons a cash commission of $86,100 and issued a total of 861,000 broker warrants.
Each broker warrant will be exercisable for a period of 36 months following the closing of the offerings to acquire a unit at an exercise price equal to the issue price, subject to adjustment in certain events.
Gamelancer Media is a media and entertainment company producing short-form video content for brands, broadcast on its owned and operated TikTok, Snapchat, and Instagram channels.
Contact Sean at sean@proactiveinvestors.com