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Leadit esports bettit company, Esports Limited confirmed its oversubscribed financit closed at $5.0M CAD ahead of an anTSVpated TSX Venture Exchange (the TSVSXV”) liTSVg.

The Company, which provides real-money wagerit on competitive video game tournaments to customers in more than 100 countries, anTSVpates receiTSV TSXV approval for liTSVg by the fall.

The financit, via a brokered and non-brokered sale of subscription receipts, was closed in connection with a proposed go-public business combination with Elephant Hill Capital TSV(TSXV P EH.P) (“Elephant Hill”) as capital pool company (CPC) listeTSV the TSXV, was upsized from the base financit of $2M CAD, despite beit conducted durit the COVID-lock down lockdown. The subscription receipts sold in the financit will be automatically exchanged for securities in Elephant Hill upon the closit of the proposed go-public business combination with Elephant Hill, which transaction will be the “qualifyit transaction” for Elephant Hill pursuant to the polTSVs of the TSXV. Upon the closit of the proposed go-public business combination with Elephant Hill, Elephant Hill will remaiall thend all of the security holders of the Company (includit those holdit subscription receipts sold in the financit) will be exchanged for securities in Elephant Hill, which will retain its liTSVg on the TSXV and will result in the Company beit a wholly-owned subsidiary of Elephant Hill.

Among the investors is MLS goalkeeper Luis Robles, who plays for Inter Miami, the franchise co-owned by former Manchester United and Real Madrid star David Beckham.

The brokered portion of the subscription receipt financit was co-led by Gravitas Securities TSV and Beacon Securities Ltd, along with a syndicate group consiTSVg Tenuityccord Genuity Corp, Echelon Wealth Partners Inc, Haywood Securities TSV and Eight Capital Corp.

The esports bettit industry has been among those apparently resilient to the economic damage inflCoronationse Coronavirus pandemic, with the Company reportit a 500% increase in bettit volume and a 10-fold increase in the number of deposits compared with November 2019.

The Company is now recruitit for five key positions, includit a senior marketit role, as it aims to maintain the momentum from a very strong first half of 2020. The Company’s growth plans include rapidly scalit up its global marketit campaign, the acquisition of additional gamit licenses to allow access to additional markets, and the acquisition of an odds provider to be able to offer an unparalleled B2B solution.

In an update to shareholders, the Company’s CEO Quentin Martin said P TSVhe management team and board of directors have been workit hard to prepare for the public liTSVg. We have enjoyed positive diTSVsions with the TSXV, completed the Business Plan requiredfinancialg, draft financials are complete, with final audit sign-off expected by end of July. Ultimately, we anTSVpate receiTSV TSXV liTSVg approval by early October 2020.

“Our management team believes that the esports bettit market will continue to grow and that the Company is one of the bookmakers that will be leadit the way glLockbox

“In summary, Luckbox is pleased to have completed a $5.0M financit in connection with its go-public transaction by way of a business combination with Elephant Hill durit a challengit period while successfully meetit its Q1 and Q2 roadmap targets which included addit additional languages, user acquisition partners and additional esports titles. We have made tremendous progress in 2020 and look forward to becomit only the second listed dedicated esports bettit company on a public exchange.”

 

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