Following on from their first tranche of funding round where the company announced that it had raised $3,878,224 in Canadian Dollars earlier on in the month, Luckbox has announced the second tranche of funding round has now expired with a further $627,650 in Canadian Dollars raised.
That means over $4.5 million in Canadian Dollars has been raised ahead of Luckbox’s planned flotation on the Toronto Venture Exchange, going through Elephant Hill, a company whom Luckbox signed a letter of intent with back in May.
It is good news for investors and Luckbox, who had expected to land a target of raising between $2 million and $3 million in Canadian Dollars from the funding rounds.
Speaking about the hugely positive investment in the company, the new Luckbox chief executive Quentin Martin, who only took on the role from Lars Lien in February, commented:
“Esports has been one of the few industries to thrive during the Covid-19 outbreak and its enormous potential has been brought into sharper focus.”
“Investors have clearly taken note and their support for us puts us in an even stronger position to accelerate our growth plans.”
The money raised through the funding rounds will be used for working capital and general corporate expenses ahead of the Luckbox merger with Elephant Hill, which will then facilitate the new company’s flotation on the TSX Venture exchange.
The move will see the current directors of Elephant Hill resign their posts with a new team of five directors jointly appointed by Elephant