Engine Media Places $20m Convertible Debenture And Closes $5.8m Tranche
? New Funding
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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
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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
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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
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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
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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
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Engine Media is a multi-platform media company focused on esports, news streaming, and gaming
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The company is comprised of three main entities:
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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
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Frankly Media — a media resource, that helps video creators to publish and promote their content
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WinView Games — an organization specializing in real-time sports and esports betting
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Engine Media operates several brands:
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StreamHatchet — an analytics and business intelligence provider for video game streamers
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IDEAS+CARS — a creator of World’s Fastest Gamer program
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Eden Games — an independent game development studio
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UMG Online — esports platform with daily tournaments and ladders
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SOURCES: ENGINEMEDIAINC, NEWSWIRE, YAHOO
