Luckbox Secures $4.5 Million in Funding to Fuel Esports Wagering Expansion
Fortuitous Box, a competitive gaming wagering operator, has finished its second round of funding, acquiring an extra $627,650 CAD from backers, bringing the total for the round to $4.5 million CAD (2.7 million GBP/2.9 million EUR/3.3 million USD).
A substantial portion of the funds were collected in an oversubscribed initial round, which gathered $3.9 million CAD. The subsequent round witnessed the issuance of 1,195,761 options at $0.42 CAD each, garnering $502,220 CAD. This was followed by the issuance of 298,607 options, raising $125,430 CAD.
This significantly exceeded the company’s initial fundraising objective of $2 million to $3 million CAD.
“Competitive gaming is one of the few industries that has prospered during the COVID-19 pandemic, and its immense potential has become even more apparent,” stated Luckbox Chief Executive Officer Quentin Martin (pictured). Martin assumed the role of CEO in February of this year from Lars Lien.
“Investors have clearly observed, and their backing will allow us to speed up our expansion plans even more effectively.”
The capital procured through the funding will be utilized for the company’s routine operations and operational funds, and have been finalized before being listed on the Toronto Stock Exchange Venture Exchange.
This will be accomplished through a combination with Elephant Mountain Corporation, a capital pool firm, to guarantee listing on the stock market.
“As demonstrated by the oversubscribed warrant issuance, we remain enthusiastic about the proposed business union with Luckbox,” stated the President and CEO of Elephant Mountain in reference to the second round of funding.
“The esports market is expanding every month and Luckbox is positioned to be one of the leading esports wagering companies in this thrilling growth sector.”
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