Tiidal Gaming Group Corp (CSE:TIDL) said it has completed the second tranche of its previously announced non-brokered private placement offering consisting of 1,331,550 units at a price of $0.10 each for aggregate gross proceeds of $133,155.00,
This brings the total size of the offering to 6,950,601 units for aggregate gross proceeds of $695,060.10.
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.
Each unit is comprised of one common share in the capital of the company and one common share purchase warrant exercisable at $0.15 per share for a period of 36 months from the date of issuance.
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In connection with the offering, the company paid an aggregate of $3,500.00 and issued 35,000 compensation options, with each compensation option exercisable to acquire one share at a price of $0.15 per share for a period of 36 months from the date of issuance, as finders' fees to certain persons who assisted the company with 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 (CSE) and to all regulatory approvals.
Subscriptions by certain parties who are "related parties" of the issuer accounted for $8,155.00 of the gross proceeds of the offering.
The securities being offered under the offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any US state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the US Securities Act and applicable US state securities laws.
Tiidal Gaming is a leading media and technology platform enabling next-generation engagement in esports and gaming. The company is positioned at the intersection of gaming, media, and betting and enable our partners to create positive, engaging, and immersive fan and consumer experiences through our industry-leading media & 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