Rivalry Corp. Successfully Completes Private Placement
Rivalry Corp. (the "Company" or "Rivalry"), a key player in the sports betting and iGaming market, recently finalized an initial tranche of its non-brokered private placement. This move has garnered significant interest, resulting in raising nearly $1.94 million through the issuance of 12,930,707 units at $0.15 per unit.
Details of the Offering
Each unit in this offering consists of one subordinate voting share and one-half of a purchase warrant. The warrants can be exercised for one subordinate voting share at a price of $0.25, with a 12-month validity from the issuance date. This initial funding is part of a broader strategy that could allow the Company to secure up to $3 million, including additional closings.
Strong Support from Insiders
Steven Salz, Co-Founder and CEO of Rivalry, expressed gratitude towards participating insiders, family, friends, and long-term shareholders: "This initial tranche of our private placement was primarily subscribed to by insiders, family, and friends. This commitment is deeply gratifying as we embark on a new chapter for the Company." This displays a solid base of support that Rivalry is building upon for future growth.
Use of Proceeds
Rivalry plans to allocate the raised funds to corporate development and general working capital needs. This strategic financial positioning is aimed at enhancing their offerings and expanding their market reach in the online gambling and esports betting sectors.
Particulars on Regulatory Compliance
The securities issued under this placement are subject to a four-month statutory hold period in line with securities legislation. Notably, $14,953.74 has been designated for finder’s fees in connection with this first closing, demonstrating the Company's commitment to comply with regulatory requirements while facilitating investor relations.
Understanding Rivalry Corp.
Rivalry Corp. operates through its wholly owned subsidiary, Rivalry Limited, a sport betting and media company catering to digital-first players. With a focus on esports and traditional sports, the company ensures a fully regulated online wagering experience. Rivalry has held a prestigious Isle of Man license since 2018 and is actively pursuing additional licenses in various jurisdictions to expand its global footprint.
Growth Potential and Market Reach
With operations spanning over 20 countries and a robust digital platform, Rivalry is well-positioned in a rapidly growing market. The Company’s innovative approach and native crypto token further signify its leadership in the digital betting arena. Through creative marketing and strong brand positioning, Rivalry is set to capitalize on the evolving landscape of the online gambling sector.
Company Contact Information
For further inquiries, you can reach out to:
Steven Salz, Co-Founder & CEO
ss@rivalry.com
416-565-4713
Investor Relations: investors@rivalry.com
Media inquiries can be directed to Cody Luongo, Head of Communications
cody@rivalry.com
203-947-1936
Frequently Asked Questions
What is the purpose of the private placement by Rivalry Corp.?
The private placement aims to raise funds for corporate development and general working capital to bolster the Company’s future initiatives.
How much did Rivalry Corp. raise through the initial tranche?
Rivalry Corp. raised approximately $1.94 million from the issuance of 12,930,707 units in the initial tranche.
What does each unit in the placement consist of?
Each unit includes one subordinate voting share and one-half of a purchase warrant for subordinate voting shares.
Who primarily subscribed to this tranche of the offering?
The primary subscriptions came from insiders, friends, family, and long-term shareholders.
Where is Rivalry Corp. headquartered?
Rivalry Corp. is based in Toronto, operating a global platform across more than 20 countries.
