Toronto TSXV investors have been told by Real Luck Group Ltd, the parent company of the esports wagering site Luckbox, that it aims to conduct additional private bookbuilding for its investment portfolio.
The firm, which floated last November on the Toronto TSX Venture Exchange, reappointed Gravitas Securities Inc as its sole book-runner for its latest deal, which aims to raise CAD $5 million (EUR 3 million) in total funds.
The deal will see Real Luck Group position 4,166,666 ‘special warrants’ valued at $1.20 each-a ‘special warrant’ reserves investors the opportunity at the negotiated purchase price and timeline to retain and turn their warrants into common stock.
Gravitas Inc has been granted the right by the Real Luck Group to conduct a ‘over-allotment issue’ of a further 625,000 special warrants, which will be permitted as a ‘exercisable option’ for a period of 30 days after the closing of its initial bid.
Each special warrant will be equal to one common share owned by the Real Luck Party, which investors will be permitted to convert within a period of 36 months following the closing of the deal.
Real Luck Group maintains that it would be non-transferable for special warrants issued. However, at a ‘warrant price’ of $1.50 per share, participating investors will be permitted to buy additional common shares in the company.
TSXV business exchange
Real Luck Group listed on the TSXV business exchange at the end of 2020 trading, having secured an over-subscribed placement of CAD $5 million, which the organisation allocated to its flagship Luckbox venture to facilitate the growth of its wagering platform for esports.