Fortuitous Box, a competitive gaming wagering operator, has finished its second round of financing, securing an extra C$627,650 from backers, bringing the total gathered in the current round to C$4.5 million (£2.7 million/€2.9 million/$3.3 million).
The majority of this funding was gathered in an oversubscribed initial round, which brought in C$3.9 million. In the second round, the operator issued 1,195,761 warrants at C$0.42 each, securing C$502,220. This was followed by the issuance of 298,607 warrants, bringing in an extra C$125,430.
This significantly surpassed the company’s initial goal of raising between C$2 million and C$3 million.
“Competitive gaming is one of the few sectors that has prospered during the COVID-19 pandemic, and its immense potential has become even clearer,” said Fortuitous Box CEO Quentin Martin (pictured), who took over from Lars Lien in February.
“Backers have clearly taken notice, and their support allows us to speed up our growth plans even more forcefully.”
The financial resources will be utilized for the company’s general operations and operating funds, and have been finalized before being listed on the TSX Venture Exchange in Toronto.
This will be accomplished through Elephant Hill, a capital pool firm that the company will combine with to guarantee a listing on the stock market.
“As demonstrated by the oversubscribed warrant offering, we remain excited about the proposed business combination with Luckbox,” stated the President and CEO of Elephant Hill, commenting on the second round of financing.
“The esports market is expanding each month, and Luckbox is positioned to become one of the leading esports wagering companies in this thrilling growth industry.”
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