Rivalry Corp. Completes Third Tranche of Private Placement
Rivalry Corp. (the "Company" or "Rivalry") (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), a prominent player in the sportsbook and iGaming industry, has recently finalized the third tranche of its non-brokered private placement. This strategic move, previously outlined in an announcement, involved the issuance of 2,231,253 units at a price of $0.15 each, culminating in substantial gross proceeds of $334,688.
Details of the Private Placement
The private placement, now extended through the third tranche, has generated significant interest and investment, with the company anticipating the potential for additional closings. The aggregate gross proceeds from these transactions could reach approximately USD$3 million, showcasing robust support from investors.
Each unit issued comprises one subordinate voting share and half of a subordinate voting share purchase warrant. These warrants allow the holder to purchase an additional share at $0.25 for a full year, subject to certain performance metrics related to share price on the exchange.
Utilization of Proceeds
The funds raised from this offering are earmarked for corporate development and general working capital. Rivalry Corp. is committed to optimizing these resources to further establish its presence in the competitive landscape of online betting and gaming.
Compliance and Regulation
The newly issued units will be encumbered by a four-month hold period in compliance with applicable securities legislation. Additionally, a finder's fee totaling $10,501.20 has been paid in respect to this tranche, reflecting the company’s commitment to fair practices in corporate financing.
Related Party Transactions
It's noteworthy that some of the units were allocated to directors of the Company, categorized as related parties. This was done in accordance with existing regulations that govern such transactions, ensuring that the process maintained compliance while providing necessary disclosures to shareholders.
About Rivalry Corp.
As a leading online wagering platform, Rivalry Corp. is at the forefront of the digital betting landscape, offering fully regulated services across esports and traditional sports. With a firm base in Toronto, the company operates globally, leveraging its extensive experience and a commitment to innovation since securing its Isle of Man license in 2018.
Rivalry’s forward-thinking approach is further evidenced by its exploration of additional licenses worldwide, as well as its strategic incorporation of crypto transactions, an increasingly popular trend among younger bettors.
Company Contacts
Company Contact:
Steven Salz, Co-founder & CEO
Email: ss@rivalry.com
Investor Contact:
Email: investors@rivalry.com
Media Contact:
Cody Luongo, Head of Communications
Email: cody@rivalry.com
Phone: 203-947-1936
Frequently Asked Questions
What is the purpose of the private placement by Rivalry Corp.?
The proceeds from the private placement are intended for corporate development and general working capital needs.
How much did Rivalry Corp. raise in the third tranche?
Rivalry Corp. raised a total of $334,688 in the third tranche of its private placement.
What does each unit consist of in the private placement?
Each unit consists of one subordinate voting share and half of a subordinate voting share purchase warrant.
Who are the related parties involved in this transaction?
Units were issued to certain directors of the Company, classified as related parties under regulatory frameworks.
Is Rivalry Corp. pursuing further licensing?
Yes, Rivalry Corp. is actively pursuing additional licenses in various countries to broaden its operational capabilities.
