Written by Dante Uzel on 14 November 2024 21:20
Source: GameSquare Esports
GameSquare Holdings, Inc. has entered into a $10 million convertible note transaction with Gigamoon Media, LLC, an investment entity controlled by Matt Kalish. The note will convert, at Gigamoon's discretion, on December 31, 2025, into either shares of GameSquare's common stock at $2.50 per share, or 5.725 million shares of FaZe Media Series A-1 Preferred Stock held by GameSquare. The proceeds will be used to pay down GameSquare’s existing equity line facility with Yorkville Advisors and for general corporate purposes.
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Justin Kenna, CEO of GameSquare, stated, “Over the past 12 months, we have successfully pursued shareholder-friendly transactions that raise non-dilutive capital and today’s announcement reflects a continuation of this approach. Our ability to raise $10 million at a $2.50 conversion price demonstrates the opportunities strategic investors see in our platform. I am also pleased to announce that we intend to repay the existing equity line facility with Yorkville. With a strengthened balance sheet and capital position, we believe we have the financial resources to support our growth strategies and capitalize on trends across global markets.”
Tags: GameSquare
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