Last night, theScore put out a release announcing a bought financing agreement led by Mackie Research Capital Corporation, with gross proceeds of $20 million going to theScore. theScore has released new information this morning indicating that the deal has expanded to $23 million, as Canaccord Genuity Corp and Beacon Capital Corporation have both come onboard. The underwriters have agreed to purchase 34,400,000 units of theScore at a price of $0.67 per unit, with gross proceeds to theScore reaching $23,048,000.
Bought deals of this nature are very typical in small cap Canadian investment banking, as they provide the issuer guaranteed funds. A spokesman for theScore indicated that the initial deal with Mackie came together very quickly once interest was expressed. It appears as though the pile-on financing happened just as quickly once word go out.
“This financing reinforces our already strong cash reserves and provides us with additional means to double-down on providing millions of fans with the ultimate mobile sports experience,” said Benjie Levy, President and Chief Operating Officer of theScore, in a statement to BetaKit.
theScore has been quite aggressive lately, acquiring fantasy sports game developer Swoopt, surpassing 10 million monthly active users, and launching a new eSports app. For its efforts, the company was recently named to the TSX Venture 50. theScore indicated that it will use its newfound capital to fuel its mobile app development, and to expand sales and marketing efforts.