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Engine Media Places $20m Convertible Debenture And Closes $5.8m Tranche

LATER VENTURE | ANNOUNCEMENT DATE: 19 AUG 2020
WRITTEN BY | 25 Aug 2020
Engine Media Places $20m Convertible Debenture And Closes $5.8m Tranche
LATER VENTURE

đź’µ 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

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Engine Media
  • Established in 2011

  • Headquarters — Toronto, Canada

  • Founded by Alex Igelman

  • Multi-platform esports media