Real Luck Group Ltd, the parent company of esports wagering platform Luckbox, has informed Toronto TSXV investors that it plans to undertake a further private bookbuild for its investment portfolio.
The company, which floated on the Toronto TSX Venture Exchange last November, has reappointed Gravitas Securities Inc to act as its sole book-runner for its new transaction which aims to raise total funds of CAD $5 million (€3m).
The transaction will see Real Luck Group place 4,166,666 ‘special warrants’ priced at $1.20 each – a ‘special warrant’ reserves investors the right to hold and convert their warrants into common shares at the agreed purchase price and timeframe.
Real Luck Group has granted Gravitas Inc the right to execute an ‘over-allotment issue’ of a further 625,000 special warrants, which will be allowed as an ‘exercisable option’ for a period of 30-days following the closing of its initial offering.
Each special warrant will be equivalent to one common share of Real Luck Group, which investors will be allowed to convert within a 36-month timeframe of the transaction closing.
Real Luck Group maintains that special warrants issued will be non-transferable. However, participating investors will be allowed to purchase additional common shares in the company at a ‘warrant price’ of $1.50 per share.
Closing 2020 trading, Real Luck Group listed on the TSXV enterprise exchange having secured an oversubscribed placement of CAD $5 million – which the company allocated to its flagship Luckbox venture to accelerate the development of its esports wagering platform.