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LONDON - Esports and digital media company Gfinity PLC (AIM:GFIN) has conditionally raised £355,000 through a company-arranged subscription with third parties, according to a press release statement issued Tuesday.
The subscription, priced at 0.0475 pence per share, represents a discount to the closing mid-market price of 0.06 pence on November 10. The fundraising is conditional on shareholder approval at a general meeting scheduled for November 26.
As part of the arrangement, Gfinity will issue 747,368,421 new ordinary shares and grant warrants on the basis of one warrant for every four subscription shares. The warrants will allow holders to subscribe for additional shares at 0.095 pence for 24 months after issuance.
The company plans to use the proceeds to develop the commercialization of its Connected IQ platform, pursue new business opportunities, and provide general working capital.
Gfinity CEO David Halley said the subscription "marks an exciting point in the next stage of the development of Connected IQ," adding that with a full commercial team in place, the company can extend its product reach.
The company also agreed to settle £14,750 in commissions related to the subscription by issuing 31,052,631 new ordinary shares at the subscription price, subject to shareholder approval.
In its trading update, Gfinity reported continued growth in its Digital Media division, with ongoing profitability from its websites and additional revenue from new affiliate deals and social media monetization. The company's Connected IQ platform has completed integration with Iris, a connected TV data platform, generating initial revenues and potential for U.S. market expansion.
Gfinity expects admission of the new shares to trading on AIM around November 27, following shareholder approval.
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