FansUnite has secured a $2m non-brokered private placement of units of the company, agreeing to sell 13.75 million units of the financing to Tekkorp Capital.

The Vancouver-based betting and gaming firm has listed its units at $0.08 individually – with each consisting of one common share in the company’s capital and one common share purchase warrant.

Each warrant will entitle the holder to purchase one common share at a price of $0.12 per warrant share for a period of 36 months after the closing date of the offering.

“This private placement offers us an opportunity to work with a strategic investor group consisting of top executives who have helped build and grow some of the largest gaming companies globally,” said Scott Burton, CEO of FansUnite. “They have expressed a strong interest to support our strategy in achieving our profitability and growth targets.

“To date, we have made great strides in maximizing cost efficiencies while executing initiatives to improve our top and bottom line.”

Net proceeds from the offering are expected to be used for ‘general corporate working capital purposes’ while FansUnite may also pay certain finders a fee in connection with the sale of units to purchasers.

The closing of the offering may occur in one or more tranches, the first of which is expected to close ‘on or about’ Mar. 9, and is subject to receipt of all regulatory approvals, including the approval of the Toronto Stock Exchange, and will occur within 45 days from the date hereof.

“We are active investors in the sports and gaming industry and look for great businesses with strong leadership in market segments we like,” added Matt Davey, Founder and Chairman of Tekkorp Capital which advises and invests in both public and private companies within the global gaming industry.

“Scott and his team at FansUnite tick all the boxes for us and we are happy to support in their journey to grow the company and shareholder value for all investors.”

Meanwhile, FansUnite recently announced its Betting Hero brand set a new company record during Super Bowl LVII week, registering more than 6,700 new depositing customers across a four-day period.