Engine Media Places $20m Convertible Debenture And Closes $5.8m Tranche
? New Funding
Toronto-based esports company Engine Media (TSXV:GAME) has announced a non-brokered private placement of convertible debentures in the amount of $20m, as well as a closure of its first tranche of $5.75m
Raised funds will continue on support the company on its way to NASDAQ up-listing with expectations to raise at least $30m by the end of 2020
The company will also issue an additional $3m of convertible debentures to a shareholder of One Up Group. In exchange, the shareholder will transfer its 20% equity interest in One Up Group to Engine Media
One Up Group is a company behind “OneUp” — a mobile app, that allows players to compete with each other in one-on-one matches for money
On August 13, 2020 Torque Esports Corp has begun trading as Engine Media Holdings Inc. (TSX-V: GAME) (OTCQB: MLLLF) after merging with Frankly Media and WinView Games
? Products
Engine Media is a multi-platform media company focused on esports, news streaming, and gaming
The company is comprised of three main entities:
Torque Esports — an esports platform for online and real-life tournaments, which also works on game development and content creation for the auto racing sector
Frankly Media — a media resource, that helps video creators to publish and promote their content
WinView Games — an organization specializing in real-time sports and esports betting
Engine Media operates several brands:
StreamHatchet — an analytics and business intelligence provider for video game streamers
IDEAS+CARS — a creator of World’s Fastest Gamer program
Eden Games — an independent game development studio
UMG Online — esports platform with daily tournaments and ladders
SOURCES: ENGINEMEDIAINC, NEWSWIRE, YAHOO
