FansUnite has officially closed its previously announced $3.04m non-brokered private placement, issuing an aggregate of 37.97m units at an issue price of $0.08 per unit.

The Vancouver-based betting and gaming firm first revealed last week, Mar. 6, that it had secured a $2m non-brokered private placement of units of the company, agreeing to sell 13.75m units of the financing to Tekkorp Capital, a company which advises and invests in both public and private companies within the global gaming industry.

Two days later, on Mar. 8, FansUnite announced it was upsizing the private placement to $3m due to “strong investor demand”. The final amount has now been confirmed as $3.04m.

“We are pleased to confirm the successful closing of the financing,” said Scott Burton, CEO of FansUnite. “Led by our newest strategic investor, Tekkorp, the additional capital will allow us to invest in areas of our business where we are seeing impactful revenue growth while executing on our strategy to reach profitability in the near future.”

Insiders, management and employees of FansUnite also acquired 4.3m units, resulting in a total of $1.4m invested into FansUnite by both Tekkorp and FansUnite’s insiders and management.

Each unit consists of one common share in the capital of the company and one common share purchase warrant of the company. Each warrant entitles 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.

Net proceeds from the offering – which is subject to the final acceptance of the Toronto Stock Exchange – are likely to be used for ‘general corporate working capital purposes’.