OverActive Media Secures C$2 Million Through Debt Financing
OverActive Media Achieves Debt Financing Success
OverActive Media Corp. (TSXV: OAM) (OTC: OAMCF), a prominent name in the realm of esports and digital media, has successfully completed a significant upsized debt financing, garnering gross proceeds of C$2,000,000. This vital funding will enhance the company's working capital and support its ambitious goals within the esports ecosystem.
Details of the Debt Financing
The financing comprises two secured promissory notes, each valued at C$1,000,000. One note is held by an entity associated with Sheldon Pollack, while the other is connected with the Kimel family, collectively referred to as the "Lenders." Alongside the notes, OverActive Media issued 660,000 common share purchase warrants, with each lender receiving 330,000 warrants. The warrants grant holders the right to purchase common shares at an exercise price of C$0.30 each, valid for one year post-issuance.
Strategic Use of Proceeds
The funds raised through this financing initiative are earmarked for general working capital purposes, enabling OverActive Media to pursue its strategic objectives and sustain its position as a leader in the esports industry. The infusion of capital supports the company's ongoing projects and future growth.
Regulatory Compliance
All securities connected to this financing are subject to a statutory hold period of four months, adhering to the regulations set forth by the TSX Venture Exchange (TSXV). The hold period is set to expire on a designated future date, allowing those involved to comply with applicable securities laws.
Company Overview: A Leader in Esports
OverActive Media Corp. is recognized as a global leader specializing in media, sports, and entertainment, particularly within the esports niche. The company is committed to delivering innovative marketing solutions, engaging content, and live experiences. Through a robust portfolio of esports teams and digital products, OverActive facilitates a unique connection with fans across the globe.
Esports Teams and Market Position
Operating from major cities and competing in prestigious esports leagues, OverActive houses celebrated teams like Movistar KOI and Toronto ULTRA. Their strategic positioning within these leagues showcases their commitment to providing high-quality entertainment and competitive engagement within the esports community.
Looking Ahead: Future Initiatives
With this recent debt financing, OverActive Media is positioned to explore new opportunities and enhance its existing operations. As the esports market continues to thrive, the company aims to leverage its strengths to capture emerging trends and expand its influence.
Frequently Asked Questions
What is the purpose of OverActive Media's recent financing?
The financing aims to bolster the company's working capital, allowing it to strengthen its operations and pursue growth opportunities within the esports industry.
Who are the key players involved in the financing?
The financing involves two significant lenders, including an entity controlled by Sheldon Pollack and another by the Kimel family.
How much funding has OverActive Media secured?
OverActive Media has secured a total of C$2,000,000 through the recent debt financing.
What will the financing proceeds be used for?
The proceeds will primarily be allocated to general working capital purposes supporting various organizational initiatives.
What esports teams does OverActive Media own?
OverActive Media owns several franchises, including Movistar KOI and Toronto ULTRA, competing in prominent esports leagues worldwide.
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