London-based, publicly-traded esports company Guild Esports PLC (LSE: GILD; OTCQB: GULDF) has raised £622.2K ($792.6K USD) through a share placement of 103,700,000 new ordinary shares at a price of £0.006 (0.0076 USD) per share.
The company said that directors and executive management subscribed for an aggregate total of “16,666,666 new ordinary shares at the placing price of £0.006 per share representing a total contribution of £100,000,” with Guild CEO Jasmine Skee, Non-Executive Chairman Derek Lew, and the Non-Executive Directors Brian Stockbridge and Jocelin Caldwell participating.
In addition, Guild Director of Operations Matthew Charles, VP of Commercial – Esports and Gaming Luke Jones, and Senior VP of Creative and Strategy Nick Westwood made a total contribution of £24,000 via subscriptions for 4M new ordinary shares at the placing price of £0.006 per share. Tennyson Securities served as the sole bookrunner for this placement, the company said.
Guild said in a filing Tuesday that these net proceeds will be used for “general working capital purposes to drive the Company’s strong growth and execute its existing strategy,” as well as investment into building the Guild Racing team roster to compete in professional sim racing.
This news follows the company’s announcement on June 12 that it had signed a partnership agreement with sim racing hardware maker Fanatec to provide equipment to a new sim racing lab at its London headquarters.
