Score Media and Gaming Inc. (TSX Venture: SCR) entered into a $40m investment agreement with a fund managed and controlled by Fengate Asset Management.
Under the terms of the deal, Fengate will purchase a $40m 8.00% convertible unsecured subordinated debenture of the company, due August 31, 2024.
The private placement of the debenture is expected to close on or about September 5, 2019, and is subject to certain conditions, including receipt of the approval of the TSX Venture Exchange.
The company intends to use the funds for growth and development of its media and sports betting businesses.
Led by John Levy, Founder and CEO, Score Media and Gaming creates digital products and content for sports fans. Its flagship mobile app ‘theScore’ is one of the most popular multi-sport news and data apps in North America, serving millions of fans a month.
The company, based in Toronto, ON, and NYC, also creates innovative digital sports experiences through its web, social, and esports platforms, and in December 2018 announced plans to launch a mobile sportsbook in the United States.