Guild Esports PLC (LSE:GILD, OTCQB:GULDF) said it successfully raised £622,200, with proceeds to be used for general working capital purposes and to enter into the “exciting” race category.
The esports team and brand sold 103.7mln shares at 0.006p per share, with the placement supported by directors and executive management.
According to a statement, some directors and executives, including CEO Jasmine Skee, acquired roughly 16.6mln shares, representing a total contribution of £100,000.
In addition to this, members of the senior leadership team, including director of operations Matthew Charles, contributed roughly £24,000 via the purchase of 4mln shares.
Alongside general working capital purposes, the cash raised will also be used to fund investment into the Guild racing team roster, allowing the group to field drivers in professional sim racing.
"We are pleased to complete the fundraise which provides us with sufficient resources to execute our current business plan, and continue to manage the business prudently,” said Skee.
“This new funding combined with the right sizing of the business positions Guild well for future growth including through investment into new areas such as the exciting sim racing category."