Millennial Esports Corp., announces that it will carry out a private non-negotiated placement of convertible bonds in the principal amount of up to $ 15,000,000, and a first tranche of $ 5,251,112. The obligations will expire 36 months from the issue date and will accrue interest at an annual rate of 6%, payable upon maturity. The bondholders may convert all or a portion of the capital of the convertible loan into units of the Company at a price of $ 0.10 per unit. Each Unit is composed of a common stock of the Company and a warrant, with each warrant enforceable in a common stock of the Company at a strike price of $ 0.10 per share for a period of five years from the issuance of the Obligations. The Company will be entitled to request the exercise of any outstanding warrants after the 6-month closing anniversary in case the closing price of the shares is higher than $ 0.60 for fifteen (15) consecutive business days.
The profits of the private placement will be used for general corporate purposes.
All securities issued in accordance with the Private Placement will be subject to a legal retention period that will expire four months and one day after closing.
About Millennial Esports Corp.
Millennial Esports Corp. (MEC) recently restructured its business team and leadership. MEC now focuses exclusively on two areas: sports careers and sports data provision. With experience in publications, intellectual property, content and data in its portfolio, combined with a new board and management team, MEC is ready to lead the race towards profitability in the sports industry.
MEC aims to revolutionize the sport of sports racing and the racing game genre through its industry-leading gaming studio Eden games (Lyon France) which focuses on mobile racing games and its exclusive IP racing engine, including the fastest game in the world (created and managed by the wholly-owned subsidiary IDEAS + CARS, Silverstone UK).
Starting from the leadership position of Stream Hatchet (a Barcelona, Spaina wholly-owned subsidiary) MEC provides solid data and management information to brands, sponsors and industry leaders. These data allow the sports industry to use this data to monetize the large number of eyeballs in the games and sports space.
Source: Millennial Esports Corp.